Minnesota, North Dakota, and South Dakota Require Use of IARD to Post Form ADV Part II

July 13, 2007

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RIA Compliance Consultants, Inc. continues to follow the implementation of Form ADV Part II functionality on IARD, and we have learned that three more states require state registered investment advisors to post the Form ADV Part II on IARD.

While no deadline has been to set to post an investment advisor’s existing Form ADV Part II online, South Dakota is now requiring all updates to Part II be filed through IARD. State registered investment advisor firms in South Dakota should no longer deliver copies by mail as all amendments must be posted through IARD.

North Dakota delivered an e-mail last quarter informing its registered investment advisor firms of the new IARD functionality. Similar to South Dakota, North Dakota did not set a required deadline but is encouraging registered investment advisors to post their Part II at the firm’s earliest convenience. A deadline is expected later this year.

Minnesota registered investment advisor firms are also required to now post Form ADV Part II online. Minnesota is not expected to issue its own notice to firms but is relying on the NASAA press release which was issued in April. Minnesota firms should post their Part IIs as their earliest convenience.

For a low fixed fee of $97.50, RIA Compliance Consultants, Inc. will ensure your Form ADV Part II is posted online by the appropriate deadline in a format that meets all required standards. In addition to ensuring your Part II is posted in the proper manner, your registered 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.

Posted by Bryan Hill
Labels: Form ADV, IARD