Part 2 of Form ADV
On July 28, 2010 the Securities and Exchange Commission (SEC) released a revised Form ADV [SEC Release No. IA-3060; File No. S7-10-00]. The release primarily adopted amendments to Part 2 of Form ADV (also referred to as brochure or new Part 2). The new Part 2, with the instructions, can be found on the SEC’s web site at http://www.sec.gov/rules/final/2010/ia-3060.pdf.
On September 1, 2010 the Department issued a letter to all Investment Advisers that the Department is adopting the new Part 2 of Form ADV, effective October 12, 2010 [See full text of letter]. As of January 1, 2011, it is mandatory to file the new Part 2 of Form ADV. Please see Part 2 of Form ADV-Frequently Asked Questions for assistance. You may also refer to North American Securities Administrators Association (NASAA)'s website at www.nasaa.org to obtain instructions and guidance on filing the new Part 2 of Form ADV.
On January 13, 2011 the Department issued a letter for extension of the compliance date for the brochure supplement. [See full text of letter]
The deadline for filing Part 2 of Form ADV, for investment advisers with a year-end of December 31, was March 31, 2011. Part 2 is the new narrative document written in plain English. Instructions and guidance for Part 2 can be found on the North America Securities Administrators Association’s (NASAA) website provided below. If you have not yet filed the Part 2, the Department will not take any administrative action if you upload the Part 2 to the IARD by May 30, 2011. Monetary and/or other sanctions may be considered if Part 2 is filed after May 30, 2011.
Please note, if your firm’s fiscal year end falls between December 31, 2010, and April 30, 2011, the deadline for submission of ADV Part 2B (the Brochure Supplement) has been extended to July 31, 2011. Again, this extension only applies Part 2B.