Annual updating amendment to form adv
Within the code of ethics, firms must identify particular access person(s) and ensure that the in-house code of ethics have all required information to prevent untimely submissions of transactions and holdings. While the disclosure obligations may appear burdensome, it is necessary that firms fulfill their reporting obligations to avoid running the risk of an SEC enforcement action.
Beginning on October 1, 2017, all investment advisers filing Form ADV must use an amended version of Part 1A of the Form that contains several new and revised items. Among other things, the amended Form requires expanded information regarding the investment activities of separately managed accounts (“”), and elicits more disclosure about investment advisers’ business practices, such as the use of social media. A new section in the General Instructions sets forth the conditions for umbrella registration, which do not reflect substantive changes from 2012 Guidance.
Neither the Form nor the Adopting Release addresses the treatment of “funds of one” (i.e., unregistered vehicles managed by the adviser for the benefit of a single investor or a group of affiliated investors), and advisers may need to exercise some discretion to determine whether an account should be reported as an SMA or a pooled fund, depending on the circumstances surrounding each fund of one. Alternatively, advisers may treat funds of one internally and for client reporting purposes as SMAs; while this option may be appropriate for vehicles with only one investor in certain circumstances, vehicles with multiple affiliated investors likely will need to be treated as pooled investment vehicles.
requested that the adviser provide contact and other generic information about its principal office and place of business and, if the adviser conducted advisory activities from more than one location, about its largest five offices in terms of number of employees. of Schedule D, the registrant must report each office’s Central Registration Depository (“”) branch number (if applicable) and the number of employees who perform advisory functions from each office, identify from a list of securities-related activities the business activities conducted from each office, and describe any other investment-related business conducted from each office.
However, if the other person is a registered investment company that the adviser advises, then the adviser need not report the identity of that person.
RIAs and ERAs registered at the state or federal level must file this year’s required Form ADV annual updating amendment within 90 days of the firm’s fiscal year end.
Generally this means that firms who finalize their year as of December 31, must file on or before March 31.