The 2012 IARD renewal season is quickly approaching and investment advisor firms must plan accordingly. As of October 24, 2011, investment advisor firms may submit certain post-dated filings. Post-dated Form U5 filings are used 1) to terminate an investment advisor representative from the investment advisor firm and 2) to terminate an investment advisor representative from registration in states where the investment advisor representative no longer needs to license. Post-dated Form BR amendments are used to close or withdraw a registered branch office. Beginning November 1, 2011, investment advisor firms may submit a post-dated Form ADV-W, which is the filing used to withdraw a firm’s registration in one or more jurisdictions.
All post-dated forms must be dated 12/31/2011 and all forms must be submitted by 6:00 p.m. Eastern Time (ET), December 23, 2011, in order for the firm to avoid paying 2012 registration renewals fees in jurisdictions where the firm or its investment advisor representatives need not renew. By filing a post-dated Form U5, an investment advisor representative can maintain registration(s) through the end of the calendar year. By filing a post-dated Form ADV-W, an investment advisor firm can maintain registration through the end of the calendar year.
Filing post-dated forms by November 11, 2011, will ensure that your investment advisor firm is not charged renewal fees on your firm’s Preliminary Renewal Statement for registrations that will be terminated at year-end. Firms that submit post-dated forms from November 14, 2011, through December 23, 2011, must pay the entire portion due on the Preliminary Renewal Statement, as the Preliminary Renewal Statement is calculated based upon the firm’s information available via IAPD as of November 11, 2011. However, those firms that have made filings between November 14, 2011, and December 23, 2011 to indicate any withdrawals of registration for the firm or its investment advisor representatives will be eligible to receive a refund of the fees paid for registration in jurisdictions which do not need to be renewed. The reconciled amount of renewal fees due will be reflected on the Final Renewal Statement that is available the first week of January 2012.
Please note that Form U5s, Form BR amendments, or Form ADV-W filings are processed by the IARD/Web CRD system upon submission and cannot be withdrawn once submitted.
About Form ADV-W
The Full Withdrawal Form ADV-W is used when an investment advisor firm is withdrawing registration with all regulators and indicates that the investment advisor firm is no longer operating as an investment advisor. State registered firms that must withdraw registration in one or more states, but will continue to operate in at least the firm’s home state, must file a Partial Withdrawal Form ADV-W. When switching from SEC to state registration (or state registration to SEC registration), a Partial Withdrawal Form ADV-W should also be used. After the Form ADV-W is submitted to withdraw SEC registration (including for the purpose of switching to state registration), the investment advisor firm’s notice filing status in any jurisdiction is automatically terminated. The IARD/Web CRD system will notify all applicable states that the investment advisor firm will no longer be making notice filings.
If you would like help filing any necessary forms to your firm’s IARD account or want to discuss how RIA Compliance Consultants can assist you with your IARD renewals, click here to schedule a time to speak to one of our consultants.