I probably know the answer to this, but if you need to change an exempt person from a Phase II to a Phase I, do you do it as an "initial" designation and date it today? Your original form wasn't wrong, their type just changed so I don't think you would choose "exemption amended" would you?

I would just revoke their original Phase II status. Reminder, you do not need to to file a Designation of Exempt Person form for Phase I-eligible customers. Just document everything and you should be good to go.

“Chance favors only the mind that is prepared”. Louis Pasteur

It is necessary to file a DOEP on a Phase I exempt person other than banks and government entities. If the customer was originally a Phase II exempt person, it obviously is not a bank or a government entity.

Amending the exemption should be fine, but as there is no guidance on this you run the risk of being second guessed by a third party reviewer, albeit an auditor or an examiner. I would call the Helpline, memorialize their advice, then follow it.

I did call the helpline the other day and you just do the new one as an initial exemption, not amended.

Thank you for letting us know.