Attention State Registered Investment Advisors – Deadline to Post Form ADV Part II on IARD

May 29, 2007

In a previous blog this month, RIA Compliance Consultants, Inc., told you about the IARD/Web CRD’s new functionality allowing registered investment advisors to post their Form ADV Part II online. According to an e-mail sent from the California Securities Regulation Division, any amendments to Form ADV Part II after April 24 should now be posted directly on the IARD system. All California registered investment advisors must post their current Form ADV Part II directly with IARD within 60 days after April 24. The Virginia Division of Securities and Retail Franchising also issued an e-mail, dated April 26, 2007, requiring state registered firms to post their Form ADV Part II online as well.

In the time since our original blog on this topic, the Florida Office of Financial Regulation issued a letter dated May 23, 2007. According to the letter, all registered investment advisors in Florida must eventually submit the Form ADV Part II online and are strongly encouraged to transition their existing Form ADV part II onto the IARD system within sixty days of May 23.

The Massachusetts Securities Division has also issued a deadline for state registered investment advisors to submit Part II online. According to a May 21, 2007 press release, state registered investment advisors have until September 1 to submit their Part II on IARD. However, all amendments to Part II made before September 1 must be filed through IARD.

Also, the Texas State Securities Board and the Office of the Kansas Securities Commissioner are now requiring all new registered investment advisor applicants to submit Form ADV Part II through IARD, and current registered firms may submit Part II at their convenience.

If your investment advisor firm is registered at the state level, you should be on the lookout for notices or e-mails requiring you to submit the Form ADV Part II through IARD. If your registered investment advisor firm is located in California, Florida, Massachusetts, Virginia, Texas, Kansas or another state that already requires the posting of Part II on IARD, give us a call. For a low fixed fee of $97.50, RIA Compliance Consultants, Inc., will ensure your Part II is posted online by the appropriate deadline in a format that meets all required standards. In addition to ensuring your Form ADV Part II is posted in the proper manner, your investment advisor firm can also retain us under a separate engagement to conduct a thorough review of your entire Form ADV and provide your firm with an objective review of the document. Not only is the Form ADV an application document, it also serves as the disclosure document that must be provided to all clients. A well-written Form ADV should not only provide clients with a description of all advisory services and fees, but it should also be used to protect registered investment advisors. The Form ADV is the primary document to disclose conflicts of interest, material considerations, business arrangements, and all background information regarding the investment advisor firm and its associates.

Posted by Bryan Hill
Labels: Form ADV, IARD