Illinois Administrative Code
Title 14 - COMMERCE
Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953
Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES
Section 130.836 - Hardship Exemption
Universal Citation: 14 IL Admin Code ยง 130.836
Current through Register Vol. 48, No. 12, March 22, 2024
a) Temporary hardship exemption.
1) 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.
2) To apply
for a temporary hardship exemption, the investment adviser shall file a written
request utilizing Form ADV-H with the securities administrator in the state
where the investment adviser's principal place of business is located. The
request shall be submitted in a form approved by the securities administrator,
and it shall be filed no later than one business day after the due date for the
filing that is the subject of the request. The investment adviser shall also
submit the filing that is the subject of the request in electronic format to
IARD no later than seven business days after the filing was due.
3) If the request is in proper form, the
temporary hardship exemption shall be deemed effective upon receipt by the
securities administrator. Multiple temporary hardship exemption requests within
the same calendar year may be disallowed by the Securities
Department.
b) Continuing hardship exemption.
1) A
continuing hardship exemption shall be granted only if the investment adviser
is able to demonstrate that the electronic filing requirements of this
regulation are prohibitively burdensome.
2) To apply for a continuing hardship
exemption, the investment adviser shall file a written request utilizing Form
ADV-H with the securities administrator in the state where the investment
adviser's principal place of business is located. The request shall be
submitted in a form approved by the securities commissioner, and it shall be
filed no later than 20 business days before the due date for the filing that is
the subject of the request. If the investment adviser's principal place of
business is located in Illinois, the request shall be either granted or denied
by the Securities Department within 10 business days after the filing of the
request.
3) The exemption shall be
effective upon approval by the securities administrator in the state where the
investment adviser's principal place of business is located. The time period of
the exemption shall be no longer than one year after the date on which the
request is filed. If the securities administrator approves the request, the
investment adviser shall, no later than five business days after the exemption
approval date, submit filings to the IARD in paper form, along with the
appropriate processing fees, for the period of time for which the exemption is
granted.
c) The decision to grant or deny a request for a hardship exemption shall be made by the securities administrator in the state where the investment adviser's principal place of business is located, and the decision shall be adhered to by the Securities Department.
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