In response to the outbreak of COVID-19, the U.S. Securities and Exchange Commission (SEC) announced an order, “providing a temporary exemption from certain requirements of the Investment Advisers Act of 1940.” Per this order, SEC registered investment advisers and exempt reporting advisers impacted by COVID-19 with a fiscal year end of December 31, 2019 now will have until the May 14, 2020 to file their Form ADV Amendments. The original deadline was March 30, 2020. Regardless of the extension, RIA Compliance Consultants recommends that investment adviser firms should try to get the ADV Annual Amendment filed as soon as possible. The extension is available only to SEC investment adviser firms that cannot meet the deadline due to the effects of COVID-19.
Category Archives: Annual Amendment
Tip #5 for IARD Renewals – Check for State’s Miscellaneous Requirements – Annual Financials
December 02, 2019
Certain state securities regulators have additional renewal requirements beyond the IARD renewal statements and Annual Form ADV Amendment.
Ensure Timely Preliminary Renewal Statement Payments
November 21, 2019
Don’t wait until the last minute to submit your annual renewal fees. FINRA must be in receipt of the full payment listed on the Preliminary Renewal Statement, which is now available, by Monday December 16, 2019. Investment advisers with sufficient funds in their Flex-Funding Account to cover the Preliminary Renewal Statement payment will have funds automatically transferred beginning December 16, 2019 to the Renewal Account to cover total renewal fees owed. Investment advisers that choose to mail in their payments are advised to do so now to avoid delays and to ensure funds are received by the deadline. If your investment adviser would like assistance with the annual renewal service, click here for more information on or to purchase RIA Compliance Consultants’ IARD Renewal Program and ADV Amendment Services.
RIA Compliance Consultants recommends the chief compliance officer (“CCO”) of your investment adviser firm add the following deadlines for IARD renewals and the annual Form ADV amendment to his or her calendar:
Preliminary Renewal Statement Available Monday
November 07, 2019
Starting Monday, November 11, 2019, a registered investment adviser firm can access, via its IARD account, its Preliminary Renewal Statement for 2020 renewals. The Preliminary Renewal Statement must be paid, in full, by Monday, December 16, 2019. Depending on your method of payment, it may take at least two days for a payment to post to the IARD account. Because of this, your firm’s payment should arrive at FINRA no later than Wednesday, December 11, 2019, to ensure that funds are posted to your firm’s IARD account by December 16, 2019.
Investment Advisers Should Begin Preparations for 2020 Renewals
October 29, 2019
As annual renewal season rapidly approaches, investment advisers should be proactive and begin preparing for renewals by reviewing to make sure the investment adviser is properly registered or notice filed, as applicable, and that its investment adviser representatives are properly licensed with all required state securities regulators. The IARD Renewal Program serves to facilitate the annual renewal of investment advisers and their investment adviser representatives’ registrations with the appropriate state securities regulators. Although, an investment adviser’s registration, notice filing, and licensing requirements are some things that should be reviewed and monitored on an ongoing basis, during the annual renewal process all investment advisers should review their existing registration or notice filing status and each investment adviser representative’s licensing status to confirm that the investment adviser and its representatives are properly registered, notice filed, or licensed (as applicable). Additionally, all state registered investment advisers should also review the state requirements to see if branch office registration is required and, if it is, investment advisers should confirm that all branch office locations have been properly registered.
Regulatory Reminder for State Registered Investment Advisers – Submission of Annual Financial Statements in Certain States
March 15, 2019
As your state registered investment adviser firm completes its Form ADV Annual Amendment, it’s important not to forget that many state securities regulators also require a state registered investment adviser firm to submit annual financial statements and/or other documents directly to the state securities regulator (outside of the IARD/CRD system).
Deadline for Receipt of Preliminary Renewal Statement Payments Quickly Approaching
December 05, 2018
The deadline for investment advisers to submit their Preliminary Renewal Statement payment is quickly approaching. FINRA must be in receipt of the full payment listed on the Preliminary Renewal Statement by December 17, 2018. Investment advisers with sufficient funds in their Flex-Funding Account to cover the Preliminary Renewal Statement payment will have funds automatically transferred beginning on December 17, 2018 to the Renewal Account to cover total renewal fees owed. Automatic transfers will be conducted every day after December 17, 2018 until the WEB CRD/IARD shuts down for year-end processing on December 27, 2018. Investment advisers that choose to mail in their payments are advised to do so now to avoid delays and to ensure funds are received by the deadline. If your investment adviser would like assistance with the annual renewal service, click here for more information on or to purchase RIA Compliance Consultants’ IARD Renewal Program and ADV Amendment Service. If you have questions regarding these or any of the other services offered by RIA Compliance Consultants, contact your support person or Amanda Erwin (877) 345-4034 Ext. 115.
Ensure Timely Preliminary Renewal Statement Payments
November 20, 2018
Don’t wait until the last minute to submit your annual renewal fees. FINRA must be in receipt of the full payment listed on the Preliminary Renewal Statement, which is now available, by Monday, December 17, 2018. Investment advisers with sufficient funds in their Flex-Funding Account to cover the Preliminary Renewal Statement payment will have funds automatically transferred beginning December 17, 2018 to the Renewal Account to cover total renewal fees owed. Investment advisers that choose to mail in their payments are advised to do so now to avoid delays and to ensure funds are received by the deadline. If your investment adviser would like assistance with the annual renewal service, click here for more information on or to purchase RIA Compliance Consultants’ IARD Renewal Program and ADV Amendment Services.
Preliminary Renewal Statements Available Monday
November 07, 2018
Starting Monday, November 12, 2018, a registered investment adviser firm can access, via its IARD account, its Preliminary Renewal Statement for 2019 renewals. The Preliminary Renewal Statement must be paid, in full, by Monday, December 17, 2018. Depending on your method of payment, it may take at least two days for a payment to post to the IARD account. Because of this, your firm’s payment should arrive at FINRA no later than Wednesday, December 12, 2018, to ensure that funds are posted to your firm’s IARD account by December 17, 2018.
