Filing extension relief for investment advisers

Disruptions from COVID-19 could hinder investment advisers in their efforts to timely meet some upcoming filing and disclosure delivery deadlines.  On March 13, 2020, the U.S. Securities and Exchange Commission (SEC) issued an order extending the time periods an SEC-registered investment adviser has to file an amendment to Form ADV and deliver Form ADV Part 2 to existing clients and for exempt reporting advisers to file Form PF when certain conditions are met.  The SEC superseded the original order on March 25, 2020.

Similar obligations exist for Texas-registered investment advisers and exempt reporting advisers filing with Texas pursuant to Board Rule 139.23.  Accordingly, the Securities Commissioner determined that a Texas-registered investment adviser or Texas notice-filing exempt reporting adviser who is otherwise required to make a filing in the covered time period and who meets the conditions set out below will not be penalized or sanctioned for making a late filing or delivery of Form ADV, Form PF, and/or a disclosure statement/brochure to customers.

Time Period Covered:

This Waiver is limited to filing or delivery obligations, as applicable, for which the original due date is on or after March 13, 2020 but on or prior to June 30, 2020. 

Conditions:

1.  A Texas-registered investment adviser, or an exempt reporting adviser relying on Board Rule 139.23, is unable to meet a filing deadline or delivery requirement due to circumstances related to current or potential effects of COVID-19;

2.  The adviser relying on this Waiver must provide the Securities Commissioner via email at submissions@ssb.texas.gov and promptly disclose on its public website (or if it does not have a public website, promptly notify its clients and/or private fund investors of) the following information:

  • that it is relying on this Waiver; and
  • that it could not file or deliver its Form ADV, Form PF, and/or its disclosure statement/brochure required by Board Rule 116.11, on a timely basis; and

3. The adviser relying on this Waiver files the Form ADV, Form PF, and/or provides the disclosure statement/brochure as soon as practicable, but not later than 45 days after the original due date for such filing or delivery.

Monitoring:

The Securities Commissioner will continue to monitor the current situation and may, if necessary, extend or impose additional conditions that are deemed appropriate.