In order for an investment adviser to maintain active state registration or notice filing statuses, as well as active state registration statuses for investment adviser representatives licensed under an investment adviser firm, renewal fees must be paid, in full, by all investment advisers by no later than December 12, 2011. Investment advisers need to be sure to allow sufficient time for submitted funds to be processed and reflected in the renewal account; it is highly encouraged that investment advisers submit their renewal payments electronically by no later than December 8, 2011. If renewal fees are submitted by check via the U.S. postal service, the investment adviser must account for delivery and processing time. It is important to remember that failure to pay renewal fees in full and on time may result in the termination of your investment adviser firm and its investment representative’s active registration statuses. Additionally, many jurisdictions also impose fines against investment advisers that fail to renew properly.
As the renewal process begins to wrap up, most investment advisers should also be preparing for filing the annual Form ADV updating amendment. Investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) and state registered advisers must file a Form ADV annual amendment within 90 days of the investment adviser’s fiscal year. Between January 1, 2012 and March 30, 2012 all SEC registered investment advisers must file a Form ADV Part 1 amendment (annual amendment or other than annual amendment, as applicable) to confirm the investment advisers qualification to remain SEC registered or to indicate that the investment adviser is no longer eligible for SEC registration. Investment advisers that are no longer eligible for SEC registration must register with the appropriate state regulator(s) and must file a Form ADV-W to withdraw registration with the SEC by June 28, 2011. Please note, an investment adviser’s failure to update Form ADV is considered an SEC violation or similar state rules violation and may result in the investment advisers registration being revoked.
If your investment adviser firm would like additional information in regards to RIA Compliance Consultants renewal service, annual amendment services, or services to assist with switching from SEC to state registration, please click here to schedule a time to speak to one of our Senior Compliance Consultants regarding our services. If you are an existing client of RIA Compliance Consultants, you should contact your consultant directly to discuss how your consultant can assist you.
Posted by Bryan Hill
Labels: Annual Amendment, IARD, Renewals