Who must file? Each Adviser and ERA must amend its Form ADVs every year by filing an annual updating amendment 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, the adviser 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? Advisers and ERAs having a December 31 fiscal year end are obligated to file their annual updating amendment by March 31, 2017.