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Regulation and Compliance > Federal Regulation > SEC

SEC Extends Form ADV Deadline for RIAs Affected by Hurricane Michael

By Bernice Napach

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The Securities and Exchange Commission has announced regulatory relief from compliance deadlines for a number of entities affected by Hurricane Michael, including RIAs.

Registered investment advisors with Form ADV filing deadlines falling within the period from Oct. 10 to Nov. 21 will have their deadlines extended if the mailing address listed in their records has a ZIP code where regular mail delivery was suspended due to Hurricane Michael.

They will have until Nov. 23 to file their Forms ADV unless regular mail service resumes before then. If a further extension is needed, the SEC encourages advisors to contact the agency’s Division of Investment Management, Investment Adviser Regulation Office at 202-551-6999 or [email protected]. SEC staff will then address disclosure-related issues on a case-by-case basis.

Hurricane Michael slammed into the Florida Panhandle on Oct. 10 as a Category 4 storm carrying winds as high as 155 mph, destroying buildings and flooding streets. Households and businesses were displaced; communications and transportation disrupted and in many cases are still not restored. At least 30 people have died as a result of the storm and many more are reported to be missing.

The SEC said it issued its order “to address the needs of companies and individuals with obligations under the federal securities laws who have been directly or indirectly affected by Hurricane Michael and its aftermath.”

In addition to RIAs, registered investment companies and registered unit trusts have also been  granted some regulatory relief due to Hurricane Michael. They are exempted from transmitting annual and semi-annual reports during the period from Oct. 10 to Nov. 21 if the mailing address of the investor who would receive those reports has a ZIP code where regular mail delivery was suspended because of the hurricane.

Bernice Napach

@Think_Napach

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