Last year the SEC adopted a new online plain English Form ADV Part 2 and a Form ADV Supplement effective January 1, 2011. The new filing and delivery rules accompanying each new form are outlined below in this brief summary, which is intended to highlight aspects of the rules that are very fact dependent.

IF you are currently SEC registered:

  • You MUST FILE ELECTRONICALLY and DELIVER to new and prospective clients a NEW FORMAT Form ADV Part 2 by March 31.*
  • You MUST DELIVER the new format Form ADV Part 2 to existing clients by May 31.
  • You MUST DELIVER (not file) a new Form ADV Supplement containing employee information to new and prospective clients by July 31.
  • You MUST DELIVER (not file) the new Form ADV Supplement containing employee information to existing clients by September 30.

For NEW advisers filing for SEC registration between January 1 and April 30, 2011:

  • You MUST deliver the Form ADV Supplement to new and prospective clients by May 1 and to existing clients by July 1.

Going forward, for all advisers there are ANNUAL and INTERIM filing and delivery requirements. IF you are a STATE REGISTERED adviser, please check with us or your home state regarding transition to the new Form ADV Part 2.

*Assuming December 31 fiscal year end. This filing will accompany your annual online amendment to Form ADV Part 1, which is electronically filed but not delivered. Certain Form ADV Part 1 amendments have been proposed but not yet adopted. For details about these filing and delivery deadlines, please see SEC Release No. IA-3129.