On December 28, 2010, the SEC extended the compliance date for the initial delivery by registered investment advisers of brochure supplements required by Part 2B of Form ADV and Rule 204-3 of the Advisers Act. On July 28, 2010, the SEC adopted amendments to Part 2 of Form ADV, and related rules under the Advisers Act, to require advisers to deliver to clients and prospective clients a narrative brochure in plain English describing the adviser’s business practices, fees, conflicts of interest and disciplinary history. The amendments also require advisers to deliver to clients and prospective clients brochure supplements which provide information on the educational background, business experience and disciplinary history of advisory personnel who provide or will provide investment advice to the client.

As originally adopted, the amendments became effective on October 12, 2010 with the following compliance dates:

  • Advisers applying for registration with the SEC after January 1, 2011 must file a brochure that meets the amended requirements of Part 2A of Form ADV as part of their application for registration and deliver the brochure and brochure supplements to existing and prospective clients upon registering.
  • Existing registered advisers must file a revised brochure that meets the amended requirements of Part 2A as part of their annual updating amendment to Form ADV for fiscal years ending on or after December 31, 2010. The revised brochure and brochure supplements must be delivered to new and prospective clients following the filing of the adviser’s annual updating amendment and to existing clients within 60 days after the filing of the annual updating amendment.  

The SEC is maintaining the original compliance dates for the filing and delivery of the brochure required by Part 2A of Form ADV, but is extending the compliance dates for initially delivering brochure supplements required by Part 2B of Form ADV. The new compliance dates for delivering brochure supplements are:

  • Advisers applying for registration with the SEC from January 1, 2011 through April 30, 2011 have until May 1, 2011 to begin delivering brochure supplements to new and prospective clients and until July 1, 2011 to deliver brochure supplements to existing clients.
  • Existing registered advisers having a fiscal year ending on December 31, 2010 through April 30, 2011 have until July 31, 2011 to begin delivering brochure supplements to new and prospective clients and until September 30, 2011 to deliver brochure supplements to existing clients.