Electronic Filing for Investment Advisers on IARD:
Setting Up Your IARD Account
Advisers file with the SEC electronically and must set up an IARD Account to make electronic filings with the SEC. There are three steps in this process.
Step I
You can find forms and information about setting up an IARD Account on the FINRA's website www.iard.com. Click on "How to Access IARD," located on the left side of the screen, and print off an SEC Adviser Entitlement Information Packet and a New Organization SAA Entitlement Form & Instructions.
The documents contain the following items:
- A letter from the FINRA
- Super Account Administrator & FINRA Entitlement Agreement Form
You must complete all forms and return them to the FINRA. The FINRA's address is included in the form. Do not send your completed form to the SEC because this will delay the processing of your form.
Step II
Upon receipt of your completed form, the FINRA will do the following:
- Set up your IARD User Account
- Grant access to the individual you designated as the Super Account Administrator so this person can make electronic filings or grant access to others to make electronic filings on your behalf.
- Set up your Flex-Funding Account for billing and payment of fees.
- Send you a Confirmation Packet containing:
- a confidential User ID
- instructions on how to make an electronic filing on IARD
- instructions on how to pay fees collected by IARD.
Allow two weeks for the FINRA to process your completed forms.
Step III
Upon receipt of payment instructions from the FINRA, you will need to send funds by check, electronic payment, or wire transfer to your Flex-Funding Account. Allow 48 hours for the processing of funds. Once funds are credited to your Flex-Funding Account, you can submit your electronic filing.
Additional information and instructions on how to make an electronic filing are available on the FINRA's website for IARD, www.iard.com.
Hardship Exemptions
If an SEC-registered adviser cannot make a required electronic filing, the adviser may be eligible for one of two hardship exemptions by filing Form ADV-H (available in PDF format).
Temporary Hardship Exemption
This exemption extends an electronic filing deadline for seven business days if unexpected difficulties, such as a computer malfunction or electrical outage, prevent an adviser from meeting a filing deadline. The Temporary Hardship Exemption is available to any SEC-registered adviser that files Form ADV-H with the SEC no later than one business day after the filing is due. Mail Form ADV-H to the SEC at the address shown below. If an adviser is facing a longer term filing impediment, that adviser should make alternative filing arrangements, such as hiring a service bureau or using someone else's computer with internet access. For more information, see Frequently Asked Questions and Rule 203-3(a) under the Investment Advisers Act of 1940.
Continuing Hardship Exemption
The SEC does not grant this exemption automatically. It is applied for by filing Form ADV-H with the SEC. Mail Form ADV-H to the SEC at the address shown below. The Continuing Hardship Exemption is available only if an adviser is a "small business" and demonstrates that filing electronically would create an undue hardship. If the SEC does grant a Continuing Hardship Exemption, the adviser still must send its completed paper filing to SEC. A separate fee will be charged by FINRA for manually entering the filing information into IARD. For more information about this exemption, see Frequently Asked Questions and Rule 203-3(b) under the Investment Advisers Act of 1940.
Anyone filing a Form ADV-H should mail it to:
U.S. Securities and Exchange Commission
Office of Registrations and Examinations
Mail Stop 8031
100 F Street, NE
Washington, D.C. 20549
http://www.sec.gov/divisions/investment/iard/setup.shtml
