As a reminder, November 14, 2009, is the effective date for completion of the six regulatory action disclosure questions that were added to the Form U4 on May 18, 2009. Since the new questions are recorded with a blank answer on an investment adviser representative’s Form U4 filing on IARD, investment adviser firms must file amended Form U4s for all of their investment adviser representatives to provide answers to these new disclosure questions regarding willful violations. To clarify, in order to populate an answer to the new questions, investment adviser representatives must amend their Form U4 currently on file with IARD.
If your firm has any registered individuals for whom you have not yet filed amended Forms U4 to respond to the new disclosure questions (i.e., Questions 14C (6), (7) and (8) and Questions 14E (5), (6) and (7)), you must file such amendments via IARD by 11 p.m. Eastern Time (ET), November 13, 2009. Please note that IARD will not be available for form filings on Saturday, November 14, 2009 .
If your firm determines that a registered person must answer “yes” to any of the new regulatory action disclosure questions, please ensure that the disclosure reporting pages are complete for the amended filings.
Provisional “No” Answers
During the period between May 18 and November 14, 2009, firms could file provisional “no” answers so that firms could conduct the due diligence necessary to answer the new questions. Any “no” answers filed during this 180-day period that are not amended before November 14, will become final, and the firm and investment adviser representative will be deemed to have represented that the person has not been the subject of any finding addressed by the new disclosure question(s).
If your firm has filed provisional “no” responses to the new questions, please be certain that these responses represent the final response for an individual or update any such provisional “no” response by 11 p.m. ET, November 13, 2009.