01.
Designation. Pursuant to Section
30-14-406, Idaho Code, the
Administrator designates the web-based Investment Adviser Registration
Depository (IARD) operated by FINRA to receive and store filings and collect
related fees from investment advisers on behalf of the Administrator.
(3-23-22)
02.
Use of
IARD. Unless otherwise provided, all investment adviser applications,
amendments, reports, notices, related filings and fees required to be filed
with the Administrator pursuant to the rules promulgated under the Act, shall
be filed electronically with and transmitted to IARD. The following additional
conditions relate to such electronic filings: (3-23-22)
a. Electronic Signature. When a signature or
signatures are required by the particular instructions of any filing to be made
through IARD, a duly authorized officer of the applicant or the applicant him
or herself, as required, shall affix his or her electronic signature to the
filing by typing his or her name in the appropriate fields and submitting the
filing to IARD. Submission of a filing in this manner shall constitute
irrefutable evidence of legal signature by any individuals whose names are
typed on the filing. (3-23-22)
b.
When Filed. Solely for purposes of a filing made through IARD, a document is
considered filed with the Administrator when all fees are received and the
filing is accepted by IARD on behalf of the state.
(3-23-22)
03.
Electronic Filing. The electronic filing of any particular
document and the collection of related processing fees shall not be required
until such time as IARD provides for receipt of such filings and fees and
thirty (30) days notice is provided by the Administrator. Any documents or fees
required to be filed with the Administrator that are not permitted to be filed
with or cannot be accepted by IARD shall be filed directly with the
Administrator. (3-23-22)
04.
Hardship Exemptions. Subsection
079.04 of this rule provides two
(2) "hardship exemptions" from the requirements to make electronic filings as
required by the rules. (3-23-22)
a. Temporary
Hardship Exemption. (3-23-22)
i. Investment
advisers registered or required to be registered under the Act who experience
unanticipated technical difficulties that prevent submission of an electronic
filing to IARD may request a temporary hardship exemption from the requirements
to file electronically. (3-23-22)
ii. To request a temporary hardship
exemption, the investment adviser must file Form ADV-H which can be found at
17 CFR
279.3 in paper format with the Administrator
where the investment adviser's principal place of business is located, no later
than one (1) business day after the filing (that is the subject of the Form
ADV-H) was due; and submit the filing that is the subject of the Form ADV-H in
electronic format to IARD no later than seven (7) business days after the
filing was due. (3-23-22)
iii.
Effective Date - Upon Filing. The temporary hardship exemption will be deemed
effective upon receipt by the Administrator of the complete Form ADV-H.
Multiple temporary hardship exemption requests within the same calendar year
may be disallowed by the Administrator. (3-23-22)
b. Continuing Hardship Exemption. (3-23-22)
i. Criteria for Exemption. A continuing
hardship exemption will be granted only if the investment adviser is able to
demonstrate that the electronic filing requirements of this rule are
prohibitively burdensome. (3-23-22)
ii. To apply for a continuing hardship
exemption, the investment adviser must file Form ADV-H which can be found at
17- CFR 279.3 in paper format with the Administrator at least twenty (20)
business days before a filing is due; and, if a filing is due to more than one
(1) securities regulator, the Form ADV-H must be filed with the Administrator
where the investment adviser's principal place of business is located. The
Administrator who receives the application will grant or deny the application
within ten (10) business days after the filing of Form ADV-H.
(3-23-22)
iii. Effective Date -
Upon Approval. The exemption is effective upon approval by the Administrator.
The time period of the exemption may be no longer than one (1) year after the
date on which the Form ADV-H is filed. If the Administrator approves the
application, the investment adviser must, no later than five (5) business days
after the exemption approval date, submit filings to IARD in paper format
(along with the appropriate processing fees) for the period of time for which
the exemption is granted. (3-23-22)
