On June 15th, 2020, the United States Securities and Exchange Commission (“SEC”) announced a new website designed for Main Street Investors, intended to help retail investors navigate the new Form CRS/Form ADV Part 3. Published in a “Question and Answer” format, the website explains to retail investors the purpose of the Form CRS/Form ADV Part 3 and describes the information they can expect to find in the Form CRS/Form ADV Part 3. Click here to view the SEC’s new website for Main Street Investors. As an SEC registered investment adviser firm prepares its Form CRS/Form ADV Part 3 training for its supervised persons, RIA Compliance Consultants recommends that a review of the Main Street Investors website should be included as a component of such compliance training.
Category Archives: ADV Part 3
Oklahoma Withdraws Requirement for State Registered Investment Advisers to File Form ADV Part 3
June 20, 2020
On June 19, 2020, the Oklahoma Department of Securities announced the withdrawal (effective immediately) of its recent requirement that state registered investment adviser firms must file the Form CRS/Form ADV Part 3 relationship summary as part of the Form ADV filing.
Form CRS/Form ADV Part 3 Testing for Compliance
June 18, 2020
With the fast approaching deadline to file and deliver the new Form CRS/Form ADV Part 3 relationship summary, investment adviser firms registered with the United States Securities and Exchange Commission (“SEC”) must take steps to test their compliance with this Form CRS/Form ADV Part 3 rule. In its recent Risk Alert, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) discussed what SEC registered investment adviser firms can expect from an examination that focuses on Form CRS/Form ADV Part 3 compliance. Click here to read the SEC’s Risk Alert.
Form ADV Part 3 Conversation Starters
June 16, 2020
The filing and delivery deadline for the new Form CRS/Form ADV Part 3 relationship summary is fast approaching, and many investment adviser firms have not yet prepared the answers for the ADV Part 3 Conversation Starters which are included in the text of a Form ADV Part 3 relationship summary.
Form CRS/Form ADV Part 3 Filing and Delivery
June 05, 2020
On June 5, 2019 the U.S. Securities and Exchange Commission (“SEC”) approved a new rule requiring investment adviser firms to provide retail investment clients with a Consumer Relationship Summary, also known as the Form CRS or Form ADV Part 3. An SEC registered investment adviser’s initial Form CRS/Form ADV Part 3 must be filed via IARD by June 30, 2020. The ADV Part 3 filing and delivery deadline is July 30, 2020. With this fast approaching deadline, investment advisers must act now to ensure the Form ADV Part 3 is timely filed and delivered.
Compliance with the new Form CRS/Form ADV Part 3 is fast approaching for investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) and certain state securities regulators. An SEC registered investment adviser’s initial Form CRS/Form ADV Part 3 must be filed via IARD by June 30, 2020 and delivered to existing clients no later than July 30, 2020. Click here to read our recent blog on the SEC’s decision to maintain the original June 30, 2020 filing deadline.
Regulatory Update: On June 19, 2020, the Oklahoma Department of Securities withdrew (effective immediately) its notice requiring state registered investment adviser firms to file the Form ADV Part 3/Form CRS. For additional details, please click here. As a result, the following requirements described below are no longer in effect.
Drafting Tips for Form ADV Part 3/Form CRS
May 01, 2020
On June 5, 2019, the U.S. Securities and Exchange Commission (“SEC”) approved a rule requiring investment adviser firms registered with the SEC to provide investment advisory clients who meet the definition of “retail investors” with a Consumer Relationship Summary, also known as the Form CRS or Form ADV Part 3. Despite the impact of COVID-19, the SEC has declined to extend the deadline for investment advisers registered with the SEC to file and deliver the new Form ADV Part 3/Form CRS. Click here to read our recent blog on the SEC’s decision to maintain the original June 30, 2020 filing deadline.
On Wednesday, April 22 at 12:00 PM CT, RIA Compliance Consultants will host a webinar entitled, “Preparing the Form ADV Part 3/CRS.” During this webinar, Bryan Hill, President of RIA Compliance Consultants, Inc., will be discussing how to prepare the Form ADV Part 3/Client Relationship Summary for investment adviser firms registered with the U.S. Securities and Exchange Commission. The webinar will be hosted on Zoom.com.
