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ADV Annual Update

When do I need to update my ADV? 

ANNUAL UPDATE 

Everyone knows that subsequent to initial registration, Form ADV gets updated annually by the end of March of each year for registrants with a 12/31 year end or within 90 days after the end of the registrant’s fiscal year. However, certain things trigger a need to update an ADV prior to the annual update.

ADV annual calendar update

The following is quick guidance as to when updates need to be made:

OTHER THAN ANNUAL UPDATE

WITHIN 30 DAYS OR “PROMPTLY”:
Inaccurate in any way:

  • Part 1A
    • Item 1—address of office, hours, CCO, website, location of books and records, foreign registration
    • Item 3—form of organization
    • Item 9 (but not Item 9. A. (2), Item 9.B.(2), 9.E., and Item 9.F)–custody
    • Item 11—disciplinary disclosure
  • Part 1B (State registered Advisers)
    • Item 1
    • Item 2. A – Item 2.F
    • Item 2.I

Materially inaccurate

  • Part 1A
    • Item 4–succession
    • Item 8—participation in client transactions
    • Item 10—Control Persons (Schedules A and B)
  • Part 1B(State registered Advisers)
    • Item 2.G
  • Part 2A or Brochure—ordinarily changes in fee schedule or AUMs do not require an update but must update fee schedule or AUMs if amending brochure for an unrelated material reason
    Part 2B or brochure supplement –update required if any information becomes materially inaccurate

As soon as practicable:

  • Changes to CCO
  • Major swing in AUM numbers

Can Hold for Annual Update:

  • Changes to directors
  • Minor swings in AUM unless updating brochure for another reason
  • New Funds

Resources:
https://www.paulweiss.com/files/upload/9-Mar-12ADV_Memo.pdf
https://www.sec.gov/about/forms/formadv-instructions.pdf

Jane Shahmanesh
jane@adherencellc.com
917-885-2596
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Saleemah Ahamed
saleemah@adherencellc.com
917-476-8632
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Peter Galloway
pete@adherencellc.com
917-399-9179
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Adherence Compliance Group +1-917-885-2596
220 W. 93rd Street, #8C New York NY 10025