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June 06, 2022 at 02:14 PM
What You Need to Know
- Adirondack Financial Services Corp. missed deadlines to file a Form CRS and post the form on its website.
- The firm complied when the SEC said it was going to conduct an exam relating to the firm’s failure to file the form.
- More than 30 firms have settled Form CRS-related charges with the SEC since July 2021.
The Securities and Exchange Commission has slapped another advisory firm for Form CRS infractions.
On Monday, the SEC said that Adirondack Financial Services Corp. must pay a $25,000 civil money penalty for failing to file by the regulatory deadline Form CRS, the customer relationship summary, with the commission and post the form on its website. AFSC is a New York corporation with its principal place of business in Utica, New York.
AFSC was required to file its initial Form CRS with the SEC as Part 3 of its Form ADV and post the form on its website by June 30, 2020.
The firm failed to file its Form CRS by the deadline, not becoming compliant until March 2021, according to the SEC, and failed to post its Form CRS on its website until April 2021.
“As a result, AFSC willfully violated Advisers Act Section 204 and Rules 204-1 and 204-5 thereunder,” the agency states.
In February, six investment advisors and six broker-dealers agreed to settle charges related to failing to file and deliver a customer relationship summary — or Form CRS — to their retail clients.
In July 2021, the SEC announced settlements with 27 other financial firms for similar failures to timely file and deliver their Forms CRS to retail investors.
