NC Register Volume 16 Issue 15 - Office of Administrative Hearings

operated by the National Association of Securities Dealers. Thefollowing additional conditions relate to such electronic filings:(1) Electronic Signature. When a signature orsignatures are required by the particularinstructions of any filing to be made throughIARD, a duly authorized officer of theapplicant or the applicant him or herself, asrequired, shall affix his or her electronicsignature to the filing by typing his or hername in the appropriate fields and submittingthe filing to IARD. Submission of a filing inthis manner shall constitute irrefutableevidence of legal signature by any individualswhose names are typed on the filing.(2) When filed. Solely for purposes of a filingmade through IARD, a document is consideredfiled with the Administrator when all fees arereceived and the filing is accepted by IARD onbehalf of the State.(b) Electronic Filing. Notwithstanding Paragraph (a) of thisRule, the electronic filing of any particular document and thecollection of related processing fees shall not be required untilsuch time as IARD provides for receipt of such filings and fees.Any documents or fees required to be filed with theAdministrator that are not permitted to be filed with or cannot beaccepted by IARD shall be filed directly with the Administrator.(c) Hardship Exemptions. This Rule provides two "hardshipexemptions" from the requirements to make electronic filings asrequired by the rules.(1) Temporary Hardship Exemption.(A) Investment advisers registered orrequired to be registered under theAct who experience unanticipatedtechnical difficulties that preventsubmission of an electronic filing toIARD may request a temporaryhardship exemption from the(B)(C)requirements to file electronically.To request a temporary hardshipexemption, the investment advisermust:(i)(ii)File Form ADV-H [17- CFR279.3] in paper format withthe Administrator where theinvestment adviser'sprincipal place of business islocated, no later than onebusiness day after the filing(that is the subject of theForm ADV-H) was due; andSubmit the filing that is thesubject of the Form ADV-Hin electronic format to IARDno later than seven businessdays after the filing was due.Effective Date -- Upon Filing. Thetemporary hardship exemption will bedeemed effective upon receipt by theAdministrator of the complete FormADV-H. Multiple temporaryhardship exemption requests withinTEMPORARY RULES16:15 NORTH CAROLINA REGISTER February 1, 20021735the same calendar year may bedisallowed by the Administrator.(2) Continuing Hardship Exemption.(A)(B)(C)Criteria for Exemption. A continuinghardship exemption will be grantedonly if the investment adviser is ableto demonstrate that the electronicfiling requirements of this Rule areprohibitively burdensome.To apply for a continuing hardshipexemption, the investment advisermust:(i)(ii)File Form ADV-H [17- CFR279.3] in paper format withthe Administrator at least 20business days before a filingis due; andIf a filing is due to more thanone administrator, the FormADV-H must be filed withthe administrator where theinvestment adviser'sprincipal place of business islocated. The administratorwho receives the applicationwill grant or deny theapplication within 10business days after the filingof Form ADV-H.Effective Date -- Upon Approval. Theexemption is effective upon approvalby the Administrator. The time periodof the exemption may be no longerthan one year after the date on whichthe Form ADV-H is filed. If theAdministrator approves theapplication, the investment advisermust, no later than five business daysafter the exemption approval date,submit filings to IARD in paperformat (along with the appropriateprocessing fees) for the period of timefor which the exemption is granted.(3) Recognition of Exemption. The decision togrant or deny a request for a hardshipexemption will be made by the administratorwhere the investment adviser's principal placeof business is located, which decision will befollowed by the administrator in the otherstate(s) where the investment adviser isregistered.History Note: Authority G.S. 78C-20;Temporary Adoption Eff. January 14, 2002.18 NCAC 06 .1716 TRANSITION SCHEDULE FORCONVERSION TO IARD(a) Electronic filing of Form ADV.(1) By March 15, 2002, each investment adviserregistered or required to be registered underthe Act must resubmit its Form ADV