Investment advisers registered with the U.S. Securities and Exchange Commission (SEC) or with a state as well as commodity pool operators (CPOs) and commodity trading advisors (CTAs) registered with the U.S. Commodity Futures Trading Commission (CFTC) are subject to important annual compliance obligations. This summary sets forth the primary obligations of which SEC-registered advisers should be aware. This summary should not be considered an exhaustive list of an SEC-registered adviser’s obligations under the broader federal securities laws, tax laws or applicable state, local or foreign laws. Obligations for state-registered advisers may vary from SEC obligations and clients should feel free to contact us for more information.
List of annual compliance deadlines for SEC-registered advisers
Obligations for Private Fund Advisers
Obligations for CTAs
Obligations for CPOs
Tax, Treasury and Other Filings
Form 13F (for December 31, 2019 quarter-end) | February 14, 2020 | |
Form 13H (large trader) annual filing for advisers with existing 13H filing obligation | February 14, 2020 | |
Schedule 13G annual amendment | February 14, 20201 | |
SEC registered advisers and Exempt Reporting Advisers pay IARD fee | Before submission of Form ADV | |
Annual Form ADV update (don’t forget to get “bad boy” certifications from employees prior to filing) | Within 90 days of adviser’s fiscal year end (Monday, March 30, 2020 for December 31 fiscal year-end) | |
Delivery of Part 2A of Form ADV or summary of material changes (Brochure) | April 29, 2020 | |
Form CRS | June 30, 2020 | |
Review of Compliance Policies and Procedures | At least annually | |
Form PF filers pay IARD fee | Before submission of Form PF | |
Form PF for large hedge fund advisers (for December 31, 2019 quarter-end) | February 29, 2020 | |
Form PF for smaller private fund advisers and large private equity fund advisers (December 31, 2019 fiscal year-end) | April 29, 2020 | |
Delivery of private fund audited financial statements (for December 31, 2019 year-end) | April 29, 2020 (fund of funds by June 28, 2020) | |
Form D annual amendments | One year anniversary from last amendment filing | |
Disqualifying Events under Rule 506(d) (from certain covered persons) | At least once per year | |
“New Issues” Questionnaire | At least once per year | |
Registered CTA Form PR (for December 31, 2019 year-end) | February 14, 2020 | |
Affirm CTA exemption (4.14(a)(8)) | March 2, 2020 | |
CTA Annual Registration Update to Forms 7-R and 8-R | Prior to anniversary of registration | |
Annual Questionnaire, NFA Membership Dues and Self-Examination Questionnaire | Prior to anniversary of registration | |
Affirm CPO exemptions (4.5 and 4.13) | March 2, 2020 | |
Registered Large CPO Form CPO-PQR December 31, 2019 quarter-end report | March 2, 2020 | |
Registered Mid-Size and Small CPO Form CPO-PQR year-end report | March 30, 2020 (90 days after quarter-end for other than yearend filings)2. | |
Annual Report (financial statements for registered or 4.7 pools) | Within 90 days of the pool’s fiscal year-end | |
CPO Annual Registration Update to Forms 7-R and 8-R | Prior to anniversary of registration | |
Annual Questionnaire, NFA Membership Dues and Self-Examination Questionnaire | Prior to anniversary of registration | |
NFA By-law 1101 | Recommendation of annual verification | |
TIC B Forms | Monthly report (January 2020) – by February 15, 2020 Quarterly report (March 31, 2020) – by April 20, 2020 | |
TIC Form SLT | Within 23 calendar days of report as-of date3. (February 24, 2020 for January 2020 report) | |
TIC Form SHCA (Report data as of December 31 no later than the first Friday of March) | March 6, 2020 | |
TIC Form SHC (Report data as of December 31 no later than the first Friday of March) | March 6, 2020 | |
FATCA information reports filing for 2019 by participants | March 31, 2020 | |
FBAR Form FinCEN Report 114 (for persons having a financial interest in or signature authority over a foreign financial account exceeding certain thresholds, unless otherwise deferred pursuant to FinCEN Notices 2015-1, 2014-1, 2013-1, 2012-2, 2012-1, 2011-2 and 2011-1) | April 15, 2020 | |
Form BE-13 Surveys (BE-13A, BE-13B, BE-13C, BE-13D and BE-13E) New Foreign Direct Investment Surveys | Annual follow-on filings |
1. Schedule 13G deadlines depend on the type of adviser and may occur throughout the year as thresholds are met.
2. NFA’s electronic filing systems presume that all CPOs qualify as Large CPOs. To obtain the March 30, 2020 filing deadline applicable to Mid-Sized and Small CPOs, qualified CPOs must log on to the NFA systems and affirmatively select the appropriate AUM in the dropdown menu on the Cover Page of Form CPO-PQR. Mid-Sized and Small CPOs that fail to make this selection by March 2, 2020 will incur a $200/ business day fine. Mid-Sized and Small CPOs that file Form CPO-PQR by March 2, 2020 do not need to make this selection. See FAQ “In reviewing my December 31 Form PQR, I noticed it is due within 60 days, I thought that small and mid-sized CPOs have 90 days to complete the filing” https://www.nfa.futures.org/faqs/members/CPOFormPQR.html.
3. If due date of report falls on a weekend or holiday, TIC Form SLT report should be submitted the following business day.