N.Y. Comp. Codes R. & Regs. tit. 13 § 11.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 11.3 - Hardship exemptions

(a) This section provides two hardship exemptions from the requirements to make electronic filings as required by the rules.

(1) Temporary hardship exemption.

(i) Investment advisers registered or required to be registered under section 11.4(c) of this Part 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.

(ii) To request a temporary hardship exemption, the investment adviser must:

(a) file form ADV-H (Application for Temporary or Continuing Hardship Exemption) (17-CFR 279.3) in paper format with the Department of Law, no later than one business day after the filing (that is the subject of the form ADV-H) was due; and

(b) submit the filing that is subject of the form ADV-H in electronic format to IARD no later than seven business days after the filing was due.

(iii) Effective date-upon filing. The temporary hardship exemption will be deemed effective upon receipt by the Department of Law of the complete form ADV-H. Multiple temporary hardship exemption requests within the same calendar year may be disallowed by the Department of Law.

(2) Continuing hardship exemption.

(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.

(ii) To apply for a continuing hardship exemption, the investment adviser must:

(a) File form ADV-H ( 17 CFR 279.3 ) in paper format with the Department of Law at least 20 business days before a filing is due.

(iii) Effective date-upon approval. The exemption is effective upon approval by the Department of Law. The time period of the exemption may be no longer than one year after the date on which the form ADV-H is filed. If the Department of Law, approves the application, the investment adviser must, no later than five 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.

N.Y. Comp. Codes R. & Regs. Tit. 13 § 11.3

Amended New York State Register July 3, 2018/Volume XL, Issue 27, eff. 7/3/2018