What Is The Deadline For Registering With The Sec?

How To Register as an Investment Adviser

Division of Investment Management
Links to New Material Added, October 14, 1999

Introduction

If you lot are required to register with the SEC as an investment adviser, you must file Form ADV and keep it electric current past filing periodic amendments, including an annual amendment on Schedule I to Form ADV. You must besides, among other things: comply with the "brochure dominion," which requires almost advisers to provide clients and prospective clients with information about the adviser's business practices and educational and concern background; maintain accurate and current books and records, as specified by SEC rules; and be bailiwick to inspection and examination past the SEC staff. You besides may be discipline to express forms of state regulation. These requirements are discussed below, and in the document "General Data on the Regulation of Investment Directorate." In improver, please consult the Investment Advisers Human action, the rules thereunder, and the instructions to the forms, all of which take been included in this booklet for your convenience.

Form ADV

Grade ADV is the application for registration with the SEC as an investment adviser. Part I asks for information that is used to review the application and is used in the SEC's investment adviser regulatory programme. Part Ii requires disclosure of the background and business organization practices of the investment adviser, and tin be given to clients of the investment adviser to comply with the "brochure rule." There are also several schedules to Form ADV. You lot must file both parts of Form ADV and the appropriate schedules with the SEC. Schedule I must be filed with the SEC annually, regardless of whether information on the schedule has changed.

How Long Does it Take To Process Form ADV?

Within 45 days after you file your Form ADV registration application, the SEC must grant your registration or begin proceedings to deny it, assuming that you lot have fully and properly completed all items of the grade and accompanying schedules. The SEC staff will return any Form ADV that is non fully and properly completed. A new 45 24-hour interval period volition begin when the Form ADV is resubmitted.

Amending Class ADV

SEC-registered advisers must update Form ADV annually past amending Schedule I and whatsoever information on the form that has get inaccurate. Education 10 to Form ADV specifies the type of information that must be corrected promptly, and the type that must be corrected inside ninety days of the stop of the adviser's fiscal year. Schedule I to Course ADV must be amended every year, within ninety days of the end of the adviser's fiscal year. If an adviser indicates on Schedule I that it is no longer eligible for SEC registration, the adviser must withdraw its registration within 180 days after the end of the adviser's fiscal yr.

Amending the form requires completing the execution page (page one of the form) and the unabridged page(s) containing the updated item(s). Circumvolve the items beingness amended. Rule 204-1 and the instructions to Form ADV give more complete information on amendments.

Current Books and Records, Balance Sheets

All SEC-registered investment advisers must maintain true, accurate, and electric current books and records, equally specified in Rule 204-2. Not all SEC-registered investment advisers, notwithstanding, are required to submit financial statements to the Commission. SEC-registered investment directorate must file a remainder canvass for the nearly recent fiscal year if they have custody or possession of customer funds or securities, or if they require prepayment of more than than $500 in fees per customer, half-dozen months or more in accelerate. Encounter Class ADV, Office II, Item 14, and Schedule G to Form ADV. If you are required to submit a balance sheet, it must be audited by an independent public accountant. It is filed annually on Schedule G every bit an amendment to Form ADV. In addition, an adviser that has custody of customer funds or securities must arrange for an independent public accountant to perform a "surprise" inspection of the custody property at some time during the calendar year, and the accountant's report of this examination must exist filed with the Commission equally an attachment to Class ADV-E.

Filing Requirements

Obtaining Forms

Copies of SEC forms, including Forms ADV and ADV-W, can be obtained from the SEC's Publication Unit in Washington, D.C. by calling (202) 942-4046, or by sending a written request to: Publications Unit, U.S. Securities and Exchange Commission, 100 F Street, NE, Postal service Stop LL610, Washington D.C., 20549. At that place is no accuse.

Investment Adviser Registration and Withdrawal Forms are now available on the SEC website

Where to File

Submit all forms to:

U.S. Securities and Substitution Commission
100 F Street, NE
Washington, D.C. 20549
Attn: Filing Desk

Instructions

All of the forms, including Forms ADV and ADV-W, contain detailed instructions. Additional inquiries regarding the mechanics of completing and filing the forms should exist directed to: Co-operative of Registrations and Examinations, SEC Operations Middle, Post Terminate A-2, 6432 Full general Greenish Fashion Bulldoze, Alexandria, VA 22312; phone: (202) 942-8980.

Copies, Signatures, Names

All adviser filings must be typed, and submitted in triplicate. Failure to submit iii copies volition upshot in the filing being returned. The filing likewise may exist declared delinquent when information technology is resubmitted. You should retain a fourth copy of all filings for your records. Each re-create of an execution page must contain an original, manual signature. Anyone executing a Class ADV or an amendment to Course ADV must use his full proper name unless the individual legally only has an initial. If the registration application is filed past a sole proprietor, it should be signed by the proprietor; if filed by a partnership, information technology should be signed in the name of the partnership by a general partner; if filed by a corporation, it should be signed in the corporation'south name by an authorized principal officer. The signature to Form ADV must be notarized, or may be signed without notarization under penalty of perjury.

Fees

In that location are no fees for registration as an investment adviser, nor are at that place any fees for amendments or other filings.

http://www.sec.gov/divisions/investment/iaregulation/regia.htm