A coronavirus virion destroying the calendara (Credit: CDC)

The Securities and Exchange Commission announced Wednesday that it is extending further the compliance dates related to Form ADV filings and delivery dates as well as in-person fund board meetings.

“All of the new extensions coming out now from the SEC share a common theme: At least a 45-day extension from original due date unless new date is named in the order,” Amy Lynch, president and founder of FrontLine Compliance, told ThinkAdvisor.

Form ADV and Form PF — for private fund advisors — have now been extended to June 30 and the brochure delivery to clients must occur within 45 days of filing with the SEC, Lynch explained.

The new exemptions, Lynch continued, “are also removing the requirement to explain why the extension is needed. The SEC must be notified via email and the firm website must be updated to disclose to clients that the firm is relying upon the exemption.”

The SEC’s orders supersede and extend the filing periods covered by the commission’s original March 13 orders.

Among other conditions, “entities must notify the Division staff and/or investors, as applicable, of the intent to rely on the relief, but generally no longer need to describe why they are relying on the order or estimate a date by which the required action will occur,” the SEC said.

The commission added that it “may provide extensions to the time period for the relief, with any additional conditions it deems appropriate, or provide additional relief as circumstances warrant,” and urged firms to contact the securities regulator with any questions or concerns.