COVID-19 Regulatory Relief

U.S. Securities and Exchange Commission (SEC)

In response to the ongoing COVID-19 pandemic, the U.S. Securities and Exchange Commission (SEC) has released official guidance that provides relief from regulatory filing deadlines to those affected (SEC Order 5469).  The relief provided in this Order is applicable to registered investment advisers that have an annual obligation to report Form ADV and Form PF as of December 31, 2019, and it also covers quarterly Form PF filings for Q1 2020.  The SEC is requesting the Forms be filed as soon as practicable, but no later than 45 days after the original due date.  Form ADV would have been due on March 30th, annual Form PF filings would have been due on April 29th, and quarterly Form PF filings for Q1 2020 would have been due on May 30th.  The registered investment adviser is required to follow certain conditions, such as notifying the SEC and its investors that it is relying on this Order.  Please refer to the summary tables below for further details specific to each reporting requirement.

U.S. Commodity Futures Trading Commission (CFTC)

The U.S. Commodity Futures Trading Commission (CFTC) followed the SEC and also provided similar relief for their regulatory filing deadlines (CFTC No-Action Letter 20-11).  The relief provided in this Letter is applicable to Commodity Pool Operators (CPOs) that have obligations to report Form CPO-PQR, Pool Annual Reports, and Pool Periodic Account Statements.  The CFTC has provided a blanket relief of 45 days after the original due date for all filings.  The Pool Annual Reports and annual Form CPO-PQR would have been due on March 30th, and the quarterly Form CPO-PQR filings for Q1 2020 would have been due on May 30th.  There is no requirement to apply for an extension or notify the CFTC.  The due dates on the EasyFile site have been updated accordingly to accommodate the additional 45 days.

European regulatory authorities 

Aside from the SEC Order and CFTC Letter, the European regulatory authorities have not provided any formal relief, including the Central Bank of Ireland and the Financial Conduct Authority in the UK.  Citco has been involved in efforts lead by the Alternative Investment Management Association to request similar relief with the European Securities and Markets Authority (ESMA) and the National Competent Authorities (NCAs) in Europe.  The upcoming Q1 2020 quarterly reporting for AIFMD Annex IV, which is due by April 30th, remains in place.

We will continue to monitor any regulatory updates related to the upcoming reporting obligations during the COVID-19 pandemic.

 

SEC FILINGS


 FILING

 
 FREQUENCY

 
 ORIGINAL
 DUE DATE

 
 RELIEF


 DETAILS OF RELIEF

 Form ADV

 Annual

 3/30/2020

 + 45 days

IM is required to promptly notify the SEC via email at IARDLive@sec.gov and also disclose on its public website (or notify its investors) that it is relying on this relief.

 Form PF

 Annual

 4/29/2020

 + 45 days

IM is required to promptly notify the SEC via email at FormPF@sec.gov that it is relying on this relief.

 Form PF

 Quarterly

 5/30/2020

 + 45 days

IM is required to promptly notify the SEC via email at FormPF@sec.gov that it is relying on this relief.

 

CFTC/NFA FILINGS


 FILING

 
 FREQUENCY

 
 ORIGINAL
 DUE DATE

 
 RELIEF


 DETAILS OF RELIEF

Pool Annual Report

 Annual

 3/30/2020

 + 45 days

IM is not required to file for an extension. Relief is covered in the no action letter.

Form PQR

 Annual

 3/30/2020

 + 45 days

IM is not required to file for an extension. Relief is covered in the no action letter.

Form PQR

 Quarterly

 5/30/2020

 + 45 days

IM is not required to file for an extension. Relief is covered in the no action letter.

 

ESMA FILINGS


 FILING

 
 FREQUENCY

 
 ORIGINAL
 DUE DATE

 
 RELIEF


 DETAILS OF RELIEF

AIFMD Annex IV

 Quarterly

 4/30/2020

 None

N/A.

AIFMD Annex IV
(Fund of Funds)

 Quarterly

 5/15/2020

 None

N/A.

 

Citco’s primary focus is on the well-being of employees. Our staff and managers have been working from home, relying on Citco’s tested technology and we are well positioned to fulfil our obligations to clients.  Our focus remains on meeting the original deadlines, however, we appreciate that various factors may influence an investment manager’s decision to observe the extension relief.

Published - 20 April 2020

Our contacts

Christopher Simcox

Christopher Simcox

Operations Manager,
Financial and Regulatory Reporting

T+1 484 320 2515
Ecsimcox@citco.com
LMalvern