We would like to remind private fund sponsors that in August 2016, the Securities and Exchange Commission adopted amendments to Form ADV that (i) require registered investment advisers to provide additional information regarding the separately managed accounts (SMAs) they advise, (ii) make certain clarifying, technical and other revisions to Form ADV and (iii) codify the method for multiple private fund adviser entities operating a single advisory business to register using one Form ADV (Umbrella Registration). The compliance date for these amendments is October 1, 2017. Therefore, any adviser (whether a registered investment adviser or an exempt reporting adviser) filing an initial Form ADV or an amendment to an existing Form ADV (either an annual or other than annual amendment) on or after October 1, 2017 will be required to provide responses to the revised form. The new disclosure requirements regarding SMAs and the ability to use Umbrella Registration will not apply to exempt reporting advisers.
Please refer to our September 13, 2016 Private Equity Alert summarizing the Form ADV amendments (as well as an amendment to the Advisers Act recordkeeping rule regarding performance information that also becomes effective on October 1, 2017) available here. A marked copy of the revised Form ADV highlighting the revisions can be found here.