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SEC Provides Regulatory Relief for Funds and Advisers Affected by COVID-19

Posted 5:00 PM by

On March 13, the Securities and Exchange Commission (SEC) announced that it is providing regulatory relief for registered funds and investment advisers, citing the impact on their operations due to COVID-19. The SEC is providing temporary exemptive relief related to requirements in the Investment Company Act of 1940 and the Investment Advisers Act of 1940.

Investment Company Act of 1940

The temporary relief applies to registered management investment companies, business development companies, investment advisers or principal underwriters of such companies, and unit investment trusts, and it relates to the following requirements:

  • In-person board meetings
  • Form N-CEN and Form N-PORT filings
  • Annual and semi-annual shareholder report transmittal
  • 30-day notice filings prior to calling or redeeming securities
  • Prospectus delivery

Investment Advisers Act of 1940

The temporary relief applies to registered investment advisers (RIAs), exempt reporting advisers (ERAs), and private fund advisers, and it relates to the following requirements:

  • Form ADV filings and amendments
  • Form ADV part 2 delivery
  • Form PF filings

However, entities relying on these exemptions are expected to announce their intention to rely on the exemptions on their website and are required to notify the SEC as well. For more information on these relief measures and to ensure your compliance, visit the SEC website.

About the Author
Deloris Dunk-Vickers is a director in Katz, Sapper & Miller’s Financial Services Group. Deloris helps ensure the accuracy and completeness of financial reporting for private funds that are affiliated with SEC-registered investment advisors, including hedge funds and funds-of-funds, as well as broker-dealers and private equity funds. Connect with her on LinkedIn.


About the Author
Brett Breedlove is a director in Katz, Sapper & Miller’s Buy Here - Pay Here Services and Financial Services Groups. Brett helps clients minimize risk, ensure accurate and complete financial reporting, and maintain compliance with regulatory institutions. Connect with him on LinkedIn.

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