Baker McKenzie LLP Would Like to Remind Registered Investment Advisers and Exempt Reporting Advisers of Their Obligation to File an “Annual Updating Amendment” to Form ADV with the Securities and Exchange Commission Within 90 days After Their Firm’s Fiscal Year End
Who must file? Each RIA and ERA must amend its Form ADVs every year by filing an annual update within 90 days after the end of its fiscal year, or promptly if information previously provided changes or becomes inaccurate. Specifically, an ERA relying on the private fund adviser exemption must annually assess the value of the private fund assets it manages to determine whether it may continue to rely on the private fund adviser exemption. If an ERA no longer qualifies for the private fund adviser exemption due to an increase in its private fund Regulatory Assets Under Management, it must apply for registration with the SEC within 90 days after filing the annual updating amendment. The adviser may continue to act as a private fund adviser during this transition period provided that it has previously complied with all of its reporting obligations as an ERA.
When should I file? RIAs and ERAs that have a December 31 fiscal year end would typically be obligated to file their annual updating amendment by March 31, 2018. However, this year's filing deadline has been extended because March 31, 2018 is not a business day and March 30, 2018 is a holiday for the Financial Industry Regulatory Authority, which administers the IARD system. As a result, the IARD system will be closed on both days. Therefore, RIAs and ERAs with a December 31 fiscal year end must file their Annual Updating Amendments no later than Monday, April 2, 2018.
How can I get more information? Baker McKenzie can assist you in filing this year’s annual update to your Form ADV. Contact the Baker McKenzie attorney with whom you work or one of the contacts in the left column for additional details. Further information and resources can be found at:
- Instructions to Form ADV: http://www.sec.gov/about/forms/formadv-instructions.pdf
- Investment Adviser Public Disclosure Website: http://www.adviserinfo.sec.gov/IAPD/Content/IapdMain/iapd_SiteMap.aspx
- Central Registration Depository System: http://crd.finra.org/iad