N.M. Admin. Code § 12.11.5.8

Current through Register Vol. 35, No. 21, November 5, 2024

Section 12.11.5.8 - ELECTRONIC FILING WITH DESIGNATED ENTITY

A.Designation. Pursuant to Section 58-13C-406 A, the director designates the IARD and the CRD to receive and store filings and collect related fees from investment advisers and investment adviser representatives on behalf of the director.

B. Use of the IARD and the CRD. Unless otherwise provided, all investment adviser and investment adviser representative applications, amendments, reports, notices, related filings and fees required to be filed with the director shall be filed electronically with and transmitted to the IARD or the CRD.

C. Electronic signature. When a signature or signatures are required by the particular instructions of any filing made through the IARD or the CRD, the applicant or a duly authorized officer of the applicant, as required, shall affix his or her electronic signature to the filing by typing his or her name in the appropriate fields and submitting the filing to the IARD or the CRD. Submission of a filing in this manner shall constitute evidence of legal signature by any individuals whose names are typed on the filing.

D. Non-IARD and non-CRD filings. Notwithstanding Subsection B of this section, any documents or fees required to be filed with the director that are not permitted to be filed with or cannot be accepted by the IARD or the CRD shall be filed directly with the director.

E. Hardship exemptions. This subsection provides two "hardship exemptions" from the requirements to make electronic filings.

(1) Temporary hardship exemption.

(a) Investment advisers registered or required to be registered under the New Mexico Uniform Securities Act that experience unanticipated technical difficulties that prevent submission of an electronic filing to the IARD may request a temporary hardship exemption from the requirements to file electronically.

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

(i) file the form ADV-H in paper format with the director no later than one business day after the filing that is the subject of the form ADV-H was due; and

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

(c) The temporary hardship exemption will be deemed effective upon receipt by the director of the complete form ADV-H. Multiple temporary hardship exemption requests within the same calendar year may be disallowed by the director.

(2) Continuing hardship exemption. The director may exclude, by order, an investment adviser from the requirement to make electronic filings with the IARD. Such order will be granted only if the director determines that such an exemption is consistent with the public interest and the protection of investors.

N.M. Admin. Code § 12.11.5.8

12.11.5.8 NMAC - N, 1-1-2010