This is a reminder to all registered investment advisors with a fiscal year end of December 2007. Your Form ADV Part 1 Annual Amendment must be submitted through Web CRD/IARD system no later than ninety (90) days after your registered investment advisor firm’s fiscal year end. Because March 30th falls on a Sunday this year, in order to avoid any potential late filings, the Annual Amendment should be submitted on Friday, March 28.
An Annual Amendment to Part 1 of Form ADV is required under Rule 204-1 of the Investment Advisers Act of 1940 and similar state rules. The main item that must be updated on the Annual Amendment is the firm’s assets under management (Form ADV Part 1A, Item 5.F.). Other items such as, but not limited to, the number of accounts, clients, employees, and advisor representatives should also be updated. The Annual Amendment can also be used to disclose any material changes. Keep in mind, however, that material changes need to be disclosed promptly, no matter when they take place. Material changes include items such as, but are not limited to, reportable disciplinary and financial disclosures, changes in advisory programs, changes in fee arrangements and changes in billing practices.
RIA Compliance Consultants, Inc. (RCC) provides various levels of Form ADV drafting and review services including assistance with the preparation and submission of the Form ADV Part 1 Annual Amendment. RCC can help you understand the information required on the Form ADV and provide an analysis of the adequacy of your registered investment advisor’s Form ADV disclosures. To read our free Form ADV drafting tips, please visit our website. If you are interested in retaining RCC for a Form ADV review, please give us a call.
Posted by Bryan Hill
Labels: Annual Amendment, Form ADV, IARD