While registered investment advisors must press ahead in meeting their Form ADV filing obligations during the government shutdown, the agency’s divisions will be unable to conduct business as usual.
“Firms still can and should make all required filings (ADV or otherwise) with the SEC,” Gail Bernstein, the Investment Adviser Association’s general counsel, told ThinkAdvisor on Wednesday.
“I believe that all statutory and regulatory deadlines must be kept by [SEC] registrants (or applicants),” Berstein said, as noted in the SEC’s operations shutdown plan.
The agency’s divisions of Corporation Finance, Investment Management, Trading and Markets, and the Office of Compliance Inspections and Examinations “will be unable to process filings, provide interpretive advice, issue no-action letters or conduct any other normal Division and Office activities,” according to the plan.
As a result, “new or pending registration statements or applications for exemptive relief will not be processed regardless of the status of any review of those filings.”