SEC Extends Compliance Dates for Form ADV Part 2B


Advisers

The SEC extended the compliance dates for Form ADV Part 2B, the brochure supplement, which contains the résumé-like information of advisory personnel that provide investment advice to clients. The new rule gives advisers an additional four months to draft and deliver complete and accurate disclosures.

The original amendments to Form ADV created separate compliance dates for existing and newly registered advisers. Advisers applying for registration after January 1, 2011 were to provide the brochure supplement to clients upon registration. Most existing registered advisers, on the other hand, were to provide the supplement to new and prospective clients by March 31, 2011, and to existing clients within 60 days thereafter. The extension follows the same pattern.

Existing Registered Investment Advisers
For advisers registered with the SEC as of December 31, 2010, and having a fiscal year end on December 31, 2010 through April 30, 2011:

  • Beginning July 31, 2011, advisers must provide a brochure supplement to new and prospective clients.
  • Advisers have until September 30, 2011 to provide a brochure supplement to existing clients.
Newly Registered Investment Advisers
For advisers registering with the SEC between January 1, 2011 and April 30, 2011:
  • Advisers have until May 1, 2011 to provide a brochure supplement to new and prospective clients.
  • Advisers have until July 1, 2011 to provide a brochure supplement to existing clients.
Though compliance dates vary depending on the adviser, the extension essentially requires existing SEC-registered advisers to have their brochure supplement prepared by July 31, 2011. Newly registered advisers must have their supplements ready by May 1, 2011.

The SEC also notes that the compliance dates for advisers with a fiscal year end after April 30, 2011, or filing applications for registration after April 30, 2011, remain unchanged.

Please contact Vista360 if you have any questions regarding the new compliance dates.

 

 

 

 

 

 

 

   
 
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