(Implemented on IARD October 2012)
The Members of the North American Securities Administrators Association, Inc. (“NASAA”) have approved revisions to Part 1B of the Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers (“Form ADV”). Form ADV is used by investment advisers to register and/or report with the appropriate state securities regulators and the Securities and Exchange Commission (“SEC”). Investment advisers registering with one or more state securities regulators must complete Form ADV and also Part 1B. A completed Form ADV, including Part 1B, is a requirement for registration by every state, the District of Columbia, the U.S. Virgin Islands, and Puerto Rico. Following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Form ADV was significantly revised in large part to carry out the provisions under Title IV of this new law. The revisions to Form ADV Part 1B (1) have eliminated information now captured in other questions within the Form ADV; (2) capture limited additional information, and (3) make technical updates.
As with the previous version of Form ADV Part 1B, filings will occur through the Investment Adviser Registration Depository (“IARD”). State registered advisers making an ADV filing, whether as an initial application to register with one or more jurisdictions, an annual updating amendment to an existing registration, or other-than-annual amendment to an existing registration, will be required to use the revised Form ADV Part 1B beginning on Monday October 29, 2012. As the majority of state-registered investment advisers have a December 31, 2012 fiscal year-end, and therefore are required to make their annual updating amendment filings by March 30, 2013, in accordance with the instructions in Form ADV, we expect that the majority of state-registered investment advisers will be filing the revised Form ADV Part 1B in the first quarter of 2013. Activities surrounding Renewal Statement Processing does not include use of the Form ADV and therefore will not trigger filing of Form ADV Part 1B.
The documents linked below are for information and reference only:
- Form ADV Part 1B (Implemented October 2012)
- Redline Form ADV Part 1B (Comparison to previous Form ADV Part 1B)
- Overview of Form ADV Part 1B Revisions (Presentation Excerpt, CRD/IARD Forum, NASAA Annual Conference, September 2012)
For additional information on using IARD or making a filing of Form ADV Part 1B, please contact FINRA at 240-386-4848.