Idaho Admin. Code r. 12.01.08.079

Current through September 2, 2024
Section 12.01.08.079 - IMPLEMENTATION OF IARD
01.Designation and Use of IARD. Pursuant to Section 30-14-406, Idaho Code, the Administrator designates the web-based IARD operated by FINRA to receive and store filings and collect related fees from investment advisers on behalf of the Administrator. Unless otherwise provided, all investment adviser applications, amendments, reports, notices, related filings and fees required to be filed with the Administrator pursuant to the rules promulgated under the Act, shall be filed electronically with and transmitted to IARD.
02.Hardship Exemptions. This rule provides two (2) "hardship exemptions" from the requirements to make electronic filings as required by the rules.
a. Temporary Hardship Exemption.
i. Investment advisers registered or required to be registered under the Act 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 may file Form ADV-H which can be found at 17 CFR 279.3 in paper format with the Administrator where the investment adviser's principal place of business is located, no later than one (1) business day after an electronic filing was due; and submit the filing that is the subject of the hardship request in electronic format to IARD no later than seven (7) business days after the filing was due.
iii. Effective Date - Upon Filing. The temporary hardship exemption will be deemed effective upon receipt by the Administrator of the complete Form ADV-H. Multiple temporary hardship exemption requests within the same calendar year may be disallowed by the Administrator.
b. 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 may file Form ADV-H with the Administrator at least twenty (20) business days before a filing is due; and, if a filing is due to more than one (1) securities regulator, the request must be filed with the Administrator where the investment adviser's principal place of business is located. The Administrator who receives the application will grant or deny the application within ten (10) business days after the filing the hardship request.
iii. Effective Date - Upon Approval. The exemption is effective upon approval by the Administrator. The time period of the exemption may be no longer than one (1) year after the date on which the hardship request is filed. If the Administrator approves the application, the investment adviser must, no later than five (5) business days after the exemption approval date, submit filings to IARD in paper format for the period of time for which the exemption is granted.

Idaho Admin. Code r. 12.01.08.079

Effective July 1, 2024