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This guide shows you how to act on a submission a reviewer sent back to your firm. You'll find the returned submission, read why it was rejected, upload the corrected document, and approve your firm's review so the submission goes back to the other reviewers.
Note
This guide is for representatives at broker-dealer (BD) and registered investment adviser (RIA) firms in a fund's selling group, and for managing broker-dealers (MBDs) that submit as a selling member. Before you start, you need a submission that a reviewer has returned to your firm. Its status reads Pending Broker. To see where your submissions stand, see Track your submissions through review, funding and closing.
Warning
Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone. To fix a submission, open Covercy directly and sign in there rather than following a link in an unexpected message.
How a submission comes back to you
Every organization on a submission reviews it in order: your firm, then the managing broker-dealer, the fund manager and the fund administrator, where the fund has them. A rejection sends the submission back one step in that order. It comes back to your firm when the reviewer right after you rejects it: usually the managing broker-dealer, or the fund manager on a fund with no managing broker-dealer. When a later reviewer rejects, the submission goes back to the reviewer before it, not to you.
Find the returned submission and read the reason
- Sign in to Covercy and open your firm's broker portal.
- Select the fund. If your firm is invited to more than one round of it, pick the round from the round switcher.
- Open Opportunities, open the Status filter and select Pending Broker. The table now lists only the submissions waiting on your firm.
- Select the investor's row to open the drawer.
- On the Review card, find the reviewer row that reads Rejected. It names the organization that sent the submission back and its role.
- Read the comments on the Review card. The reviewer's rejection comment explains what needs to change. It's visible to your firm and to every other reviewer on the submission.
Upload the corrected document
- In the drawer, open Supporting Documents to see the documents already on the submission. Select View on a document to check what the reviewer flagged.
- Select Upload additional documents.
- Drop the corrected file into the upload area, or browse for it. You can add PDF, Word and Excel files, and more than one at a time.
- Choose a type for each file, for example the subscription document or a KYC item.
- Review Share with investor. It's selected by default. Clear it if the file shouldn't be shared with the investor.
- Select Upload. The file appears in Supporting Documents for your firm and every reviewer.
Tip
If you see "Specify a type for each file to enable Upload.", a staged file has no type yet, or no file is staged. Choose a type for every file and select Upload again. Name the corrected file clearly so reviewers can tell it apart from the earlier version.
Send the submission back for review
Uploading a corrected document is a change to what everyone is reviewing, so every reviewer's decision resets to Pending, your firm's included. Your firm is first in the review order, so the submission still reads Pending Broker until you approve it again.
- Optional: reply in the Review card's comments to explain what you changed. A comment is public by default, so every reviewer sees it.
- On the Review card, select Approve for your firm's row.
- Check the review status. It now shows the next role the submission is waiting on, for example Pending MBD, and every other reviewer reviews the corrected submission again, including any that had already approved it.
Note
To leave a note only your own firm can see, select Mark as Internal before you post the comment. Internal comments are hidden from the managing broker-dealer, the fund manager, the fund administrator and every other organization. Posting a comment never changes anyone's review decision.
Warning
Once a submission leaves your firm, it's locked until it comes back to you. Make all the corrections the rejection comment asks for before you approve, so it doesn't come back for the same reason.
Verify and get help
You've sent the submission back when your firm's row on the Review card reads Approved and the review status names the next role, not Pending Broker. The submission also leaves your Pending Broker filter on Opportunities. If you're not sure what the reviewer is asking for, ask in the Review card's comments, contact the managing broker-dealer or the fund manager, or contact Covercy support. Always start from Covercy directly rather than from a link in an unexpected message.
- Why does my submission still say Pending Broker after I uploaded the fix?
- Uploading a document resets every reviewer to Pending, your firm included. Select Approve for your firm's row on the Review card to send the submission on to the next reviewer.
- Why is the Approve button disabled for my firm?
- Your firm's row already reads Approved, so there's nothing to approve again. A rejection by another reviewer doesn't change your firm's decision. Upload the corrected document first: that resets every reviewer, and Approve becomes available again.
- What if nothing needs to change?
- Reply in the Review card's comments to explain why. The reviewer who rejected the submission can change its own decision to Approve without you changing anything.
- Do the reviewers who already approved need to approve again?
- Yes. A corrected document is a change to what everyone reviewed, so every reviewer reviews the submission again.
- Who can see my comments?
- A comment is public by default: your firm and every reviewer on the submission can see it. A comment marked as internal is visible only to people at your own firm. Each comment shows the name of the organization that posted it.