Investment Advisers Act of 1940; Order Under Section 206A of the Investment Advisers Act of 1940 Granting Exemptions From Specified Provisions of the Investment Advisers Act and Certain Rules Thereunder, 15829 [2020-05710]
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Federal Register / Vol. 85, No. 54 / Thursday, March 19, 2020 / Notices
should be submitted on or before April
9, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–05703 Filed 3–18–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 5463/March 13, 2020]
Investment Advisers Act of 1940;
Order Under Section 206A of the
Investment Advisers Act of 1940
Granting Exemptions From Specified
Provisions of the Investment Advisers
Act and Certain Rules Thereunder
jbell on DSKJLSW7X2PROD with NOTICES
The current outbreak of coronavirus
disease 2019 (COVID–19) was first
reported on December 31, 2019. The
disease has led to disruptions to
transportation, including buses,
subways, trains and airplanes, and the
imposition of quarantines around the
world, which may limit investment
advisers’ access to facilities, personnel,
and third party service providers. The
Commission recognizes that, in these
circumstances, investment advisers may
face challenges in timely satisfying
provisions of the Investment Advisers
Act of 1940 (‘‘Advisers Act’’) and rules
thereunder concerning the filing and
delivery of certain reports and
disclosures. In light of the current
situation, we are issuing this Order
providing a temporary exemption from
certain requirements of the Advisers
Act.
Section 206A of the Advisers Act
provides that the Commission may
conditionally or unconditionally
exempt any person or transaction, or
any class or classes of persons or
transactions, from any provision or
provisions of the Advisers Act, or any
rule or regulation thereunder, if and to
the extent that such exemption is
necessary or appropriate in the public
interest and consistent with the
protection of investors and the purposes
fairly intended by the policy and
provisions of the Advisers Act.
I. Time Period for the Relief
The relief specified in this Order is
limited to filing or delivery obligations,
as applicable, for which the original due
date is on or after the date of this Order
but on or prior to April 30, 2020. The
Commission intends to continue to
monitor the current situation. The time
24 17
CFR 200.30–3(a)(12), (59).
VerDate Sep<11>2014
17:05 Mar 18, 2020
Jkt 250001
period for any or all of the relief may,
if necessary, be extended with any
additional conditions that are deemed
appropriate, and the Commission may
issue other relief as necessary or
appropriate.
II. Form ADV and Form PF Filing
Requirements for Registered Investment
Advisers and Exempt Reporting
Advisers
The disruptions resulting from
COVID–19 that are mentioned above
could hamper the efforts of investment
advisers to timely meet certain filing
and delivery deadlines. At the same
time, advisory clients and the
Commission have an interest in the
timely availability of required
information about investment advisers,
and we remind investment advisers who
rely on this Order to continue to
evaluate their obligations, including
their fiduciary duty, under the federal
securities laws. In light of the current
and potential effects of COVID–19, the
Commission finds that the exemptions
set forth below:
Are necessary and appropriate in the
public interest and consistent with the
protection of investors and the purposes
fairly intended by the policy and
provisions of the Advisers Act; and
are necessary and appropriate to the
exercise of the powers conferred on it by
the Advisers Act.
The necessity for prompt action of the
Commission does not permit prior
notice of the Commission’s action.
Accordingly, it is ordered, pursuant to
Section 206A of the Advisers Act:
For the time period specified in
Section I, a registered investment
adviser is exempt from the
requirements: (a) Under Rule 204–1 of
the Advisers Act to file an amendment
to Form ADV; and (b) under Rule 204–
3(b)(2) and (b)(4) related to the delivery
of Form ADV Part 2 (or a summary of
material changes) to existing clients,
where the conditions below are
satisfied;
For the time period specified in
Section I, an exempt reporting adviser is
exempt from the requirements under
Rule 204–4 under the Advisers Act to
file reports on Form ADV, where the
conditions below are satisfied; and
For the time period specified in
Section I, a registered investment
adviser that is required by Section
204(b) of and Rule 204(b)–1 under the
Advisers Act to file Form PF is exempt
from those requirements, where the
conditions below are satisfied.
Conditions
(a) The registered investment adviser
or exempt reporting adviser is unable to
PO 00000
Frm 00072
Fmt 4703
Sfmt 4703
15829
meet a filing deadline or delivery
requirement due to circumstances
related to current or potential effects of
COVID–19;
(b) The investment adviser relying on
this Order with respect to the filing of
Form ADV or delivery of its brochure,
summary of material changes, or
brochure supplement required by Rule
204–3(b)(2) or (b)(4), promptly provides
the Commission via email at IARDLive@
sec.gov and discloses on its public
website (or if it does not have a public
website, promptly notifies its clients
and/or private fund investors of) the
following information:
(1) That it is relying on this Order;
(2) a brief description of the reasons
why it could not file or deliver its Form
on a timely basis; and
(3) the estimated date by which it
expects to file or deliver the Form.
(c) Any investment adviser relying on
this order with respect to filing Form PF
required by Rule 204(b)–1 must
promptly notify the Commission via
email at FormPF@sec.gov stating:
(1) That it is relying on this Order;
(2) a brief description of the reasons
why it could not file its Form on a
timely basis; and;
(3) the estimated date by which it
expects to file the Form.
(d) The investment adviser files the
Form ADV or Form PF, as applicable,
and delivers the brochure (or summary
of material changes) and brochure
supplement required by Rule 204–
3(b)(2) and (b)(4) under the Advisers
Act, as soon as practicable, but not later
than 45 days after the original due date
for filing or delivery, as applicable.
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–05710 Filed 3–18–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88379; File No. SR–ICC–
2020–002]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of
Designation of Longer Period for
Commission Action on Proposed Rule
Change Relating to the ICC Risk
Management Model Description, ICC
Stress Testing Framework, ICC
Liquidity Risk Management
Framework, ICC Back-Testing
Framework, and ICC Risk Parameter
Setting and Review Policy
March 13, 2020.
On January 14, 2020, ICE Clear Credit
LLC (‘‘ICC’’), filed with the Securities
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19MRN1
]]>Agencies
[Federal Register Volume 85, Number 54 (Thursday, March 19, 2020)]
[Notices]
[Page 15829]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05710]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 5463/March 13, 2020]
Investment Advisers Act of 1940; Order Under Section 206A of the
Investment Advisers Act of 1940 Granting Exemptions From Specified
Provisions of the Investment Advisers Act and Certain Rules Thereunder
The current outbreak of coronavirus disease 2019 (COVID-19) was
first reported on December 31, 2019. The disease has led to disruptions
to transportation, including buses, subways, trains and airplanes, and
the imposition of quarantines around the world, which may limit
investment advisers' access to facilities, personnel, and third party
service providers. The Commission recognizes that, in these
circumstances, investment advisers may face challenges in timely
satisfying provisions of the Investment Advisers Act of 1940
(``Advisers Act'') and rules thereunder concerning the filing and
delivery of certain reports and disclosures. In light of the current
situation, we are issuing this Order providing a temporary exemption
from certain requirements of the Advisers Act.
Section 206A of the Advisers Act provides that the Commission may
conditionally or unconditionally exempt any person or transaction, or
any class or classes of persons or transactions, from any provision or
provisions of the Advisers Act, or any rule or regulation thereunder,
if and to the extent that such exemption is necessary or appropriate in
the public interest and consistent with the protection of investors and
the purposes fairly intended by the policy and provisions of the
Advisers Act.
I. Time Period for the Relief
The relief specified in this Order is limited to filing or delivery
obligations, as applicable, for which the original due date is on or
after the date of this Order but on or prior to April 30, 2020. The
Commission intends to continue to monitor the current situation. The
time period for any or all of the relief may, if necessary, be extended
with any additional conditions that are deemed appropriate, and the
Commission may issue other relief as necessary or appropriate.
II. Form ADV and Form PF Filing Requirements for Registered Investment
Advisers and Exempt Reporting Advisers
The disruptions resulting from COVID-19 that are mentioned above
could hamper the efforts of investment advisers to timely meet certain
filing and delivery deadlines. At the same time, advisory clients and
the Commission have an interest in the timely availability of required
information about investment advisers, and we remind investment
advisers who rely on this Order to continue to evaluate their
obligations, including their fiduciary duty, under the federal
securities laws. In light of the current and potential effects of
COVID-19, the Commission finds that the exemptions set forth below:
Are necessary and appropriate in the public interest and consistent
with the protection of investors and the purposes fairly intended by
the policy and provisions of the Advisers Act; and
are necessary and appropriate to the exercise of the powers
conferred on it by the Advisers Act.
The necessity for prompt action of the Commission does not permit
prior notice of the Commission's action.
Accordingly, it is ordered, pursuant to Section 206A of the
Advisers Act:
For the time period specified in Section I, a registered investment
adviser is exempt from the requirements: (a) Under Rule 204-1 of the
Advisers Act to file an amendment to Form ADV; and (b) under Rule 204-
3(b)(2) and (b)(4) related to the delivery of Form ADV Part 2 (or a
summary of material changes) to existing clients, where the conditions
below are satisfied;
For the time period specified in Section I, an exempt reporting
adviser is exempt from the requirements under Rule 204-4 under the
Advisers Act to file reports on Form ADV, where the conditions below
are satisfied; and
For the time period specified in Section I, a registered investment
adviser that is required by Section 204(b) of and Rule 204(b)-1 under
the Advisers Act to file Form PF is exempt from those requirements,
where the conditions below are satisfied.
Conditions
(a) The registered investment adviser or exempt reporting adviser
is unable to meet a filing deadline or delivery requirement due to
circumstances related to current or potential effects of COVID-19;
(b) The investment adviser relying on this Order with respect to
the filing of Form ADV or delivery of its brochure, summary of material
changes, or brochure supplement required by Rule 204-3(b)(2) or (b)(4),
promptly provides the Commission via email at [email protected] and
discloses on its public website (or if it does not have a public
website, promptly notifies its clients and/or private fund investors
of) the following information:
(1) That it is relying on this Order;
(2) a brief description of the reasons why it could not file or
deliver its Form on a timely basis; and
(3) the estimated date by which it expects to file or deliver the
Form.
(c) Any investment adviser relying on this order with respect to
filing Form PF required by Rule 204(b)-1 must promptly notify the
Commission via email at [email protected] stating:
(1) That it is relying on this Order;
(2) a brief description of the reasons why it could not file its
Form on a timely basis; and;
(3) the estimated date by which it expects to file the Form.
(d) The investment adviser files the Form ADV or Form PF, as
applicable, and delivers the brochure (or summary of material changes)
and brochure supplement required by Rule 204-3(b)(2) and (b)(4) under
the Advisers Act, as soon as practicable, but not later than 45 days
after the original due date for filing or delivery, as applicable.
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-05710 Filed 3-18-20; 8:45 am]
BILLING CODE 8011-01-P
