Category Archives: ADV Part 3
 

Investment Advisers Disclosing Disciplinary Events on Form ADV Part 3

September 22, 2020

Intended to be a concise and easily understandable disclosure for retail investors, the United States Securities and Exchange Commission (“SEC”) implemented the Form CRS/Form ADV Part 3 relationship summary to help SEC registered investment advisers provide information to their retail investor clients about the relationships and services the investment adviser firm offers, fees and costs that retail investors will pay, specified conflicts of interest and standards of conduct, and disciplinary history.  To learn more about the SEC’s requirements of Form CRS/Form ADV Part 3, please see our website page at https://www.ria-compliance-consultants.com/form-adv-part-3-faqs/ .

Continue Reading

SEC Publishes New Website for Main Street Investors

June 22, 2020

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading

Updating Your Investment Adviser’s Compliance Manual for the New Form ADV Part 3

May 26, 2020

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.

Continue Reading

Drafting Tips for ADV Part 3/Form CRS

May 20, 2020

In June 2019, the U.S. Securities and Exchange Commission (“SEC”) adopted a new rule requiring SEC registered investment adviser firms to prepare and deliver an easily accessible and understandable Consumer Relationship Summary, also known as the Form CRS or Form ADV Part 3, to retail investor clients.

Continue Reading

Oklahoma Requiring Submission of Form ADV Part 3/Form CRS

May 08, 2020

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. 

Continue Reading

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.

Continue Reading