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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-B. SECURITIES |
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Chapter 26-B1. BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, AND INVESTMENT ADVISER REPRESENTATIVES |
Section 26-B157. HARDSHIP EXEMPTIONS
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157.1An investment adviser required to submit electronic filings on the IARD system that experiences unanticipated technical difficulties that prevent it from submitting a filing to the IARD system, may request a temporary hardship exemption from the requirements of these regulations to file electronically.
157.2To request a temporary hardship exemption, an investment adviser shall:
(a)File Form ADV-H [17 CFR 279.3] in paper format with FINRA no later than one business day after the filing that is the subject of the ADV-H was due; and
(b)Submit the filing that is the subject of the Form ADV-H in electronic format to FINRA no later than seven business days after the filing was due.
(c)The temporary hardship exemption will be granted when the investment adviser files a completed Form ADV-H with NASDR.
157.3A "small business", as defined in § 156.7, investment adviser may apply for a continuing hardship exemption. The period of the exemption may be no longer than one year after the date on which the investment adviser applies for the exemption.
157.4To apply for a continuing hardship exemption, an investment adviser must file Form ADV-H with the Department at least ten business days before a filing is due. The Director will grant or deny the continuing hardship exemption within ten business days after filing Form ADV-H.
157.5An investment adviser shall not be exempt from the electronic filing requirements until and unless the Director approves the application. If the Director approves the application, an investment adviser may submit its filings to the Department in paper form for the period of time for which the exemption is granted.
157.6An application for a continuing hardship exemption will be granted only if the investment adviser demonstrates that the electronic filing requirements are prohibitively burdensome or expensive.
157.7For purposes of these sections, an investment adviser is a "small business" if it is required to answer Item 12 of Form ADV [17 CFR 279.1] and checks "no" to each question in Item 12 that it is required to answer.