The SEC has posted a redline document online showing recent changes that have been made to Form ADV Part 1A. The redline document can be found here.

The changes to Form ADV Part 1A shown in the redline generally result from the implementation of new regulations adopted in response to the Dodd-Frank Act. Among other changes, revised Form ADV Part 1A now solicits information about an advisory firm’s eligibility for federal registration under revised Section 203A of the Investment Advisers Act of 1940 (“Advisers Act”), contains instructions for calculating regulatory assets under management for purposes of determining eligibility for federal registration or reliance on exemptions from registration, contains reporting requirements for exempt reporting advisers (i.e., investment advisers who are exempt from federal registration under the new “venture capital fund” exemption or the “private fund adviser” exemption) and solicits information about private funds (i.e., any fund that would be an investment company but for Section 3(c)(1) or 3(c)(7) of the 1940 Act) advised by the adviser.

Any investment adviser registered with the SEC on January 1, 2012 will be required to file a new Form ADV Part 1A by March 30, 2012 (regardless of the adviser’s fiscal year end). Moreover, exempt reporting advisers who were relying on the “private adviser” exemption in Section 203(b)(3) of the Advisers Act on July 20, 2011 as a basis for not registering with the SEC will need to file new Form ADV Part 1A between January 1, 2012 and March 30, 2012. Our prior coverage of the SEC’s rules implementing the Private Fund Investment Advisers Registration Act can be found here.