Hardship Exemptions

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The SEC and many states allow an Investment Adviser to request one of two types of Hardship Exemptions by submitting a paper Form ADV-H.

  • A Temporary Hardship Exemption permits the Investment Adviser to extend the deadline for a filing for seven business days if unexpected difficulties, such as a computer malfunction or electrical outage, prevent the firm from filing electronically. The Temporary Hardship Exemption is available automatically upon filing Form ADV-H. Note: After the Temporary Hardship expires, the Investment Adviser must electronically submit its ADV filing.
  • A Continuing Hardship Exemption is available only to an Investment Adviser that is a "small business" and can demonstrate that filing electronically would create an undue hardship (e.g., the Investment Adviser has no computer and is unable to afford a filing service). After the Investment Adviser requesting a Continuing Hardship Exemption submits the Form ADV-H, the decision to grant an exemption will be made by the SEC or the appropriate state securities authority. The FINRA, on behalf of the IARD system, will, under certain circumstances, accept Paper filings of Form ADV only if the firm has obtained a Hardship Exemption from the appropriate regulator.

For Investment Advisers registering or required to be registered with the SEC, the completed Form ADV-H should be mailed to:

U.S. Securities and Exchange Commission
Branch of Registrations and Examinations
Mail Stop 8031
100 F Street, N.E.
Washington, DC 20549

For Investment Advisers registering or required to be registered with one or more states, check with the securities regulator in the state in which your principal place of business is located for eligibility and filing requirements.