Form adv annual updating amendment

The changes were made in response to many commenters opposing the public disclosure of SMA information, citing the potential cost of disclosure of confidential client information, particularly for advisers with a small number of SMAs, and the concerns with disclosing proprietary investment or trading strategies.

Since the code (as well as an adviser’s compliance policies and procedures) may be amended as part of an adviser’s annual review, as well as at any other time, quarterly training should help to keep personnel up to date regarding policies and procedures and otherwise remind personnel of their compliance obligations.

Renewal has two steps: (1) payment of annual renewal fees to the Investment Adviser Registration Depository (IARD), which must be received by the IARD no later than December 16, 2016; and (2) annual filing requirements, which are due within 90-120 days after the adviser’s fiscal year end (FYE).

Below is a list of some of the key compliance dates for the first quarter of 2017. This is the certified shareholder annual report for Registered Investment Companies (e.g., mutual funds, exchange traded funds). Amend Form ADV Part 1 and Part 2, file the amended document with the SEC through the IARD system. Conduct a quarterly employee training session to review requirements under the adviser’s written compliance policies and procedures, including the code of ethics, as well as any material changes to these materials. See: https://gov/answers/sched13Forms 3, 4 & 5 (Sec 16 Filings).

Please note that this is general advice that is applicable to most investment advisers with a December 31st fiscal year end. Corporate insiders – meaning a company’s officers and directors, and any beneficial owners of more than ten percent of a class of the company’s equity securities registered under Section 12 of the Securities Exchange Act of 1934 – must file with the SEC a statement of ownership regarding those securities.

If you are unsure when the adviser’s filing requirements are due, please contact us.

Payment of annual renewal fees is made through your IARD Renewal Account.

The SEC generally adopted these amendments as proposed except for minor modifications and clarifications, such as clarifying that social media website reporting should be limited to external facing accounts on social media platforms where the adviser controls the content (and not the accounts of employees or internal-access-only sites).

Finally, contrary to the original proposal, the Amendments do not require that chief compliance officers compensated or employed by an investment company registered under the Investment Company Act of 1940 and advised by the registrant be listed in Form ADV as having “outside” employment.

The Amendments also October 1, 2017, and a clarification that a firm’s Form ADV need not be adjusted to comply with the Amendments outside of the currently required amendment cycle (i.e., in connection with the firm’s annual or other than annual amendments to comply with the currently existing requirements).especially in light of the growth of new and increasingly complex investment products and strategies.

The Amendments enhance the SEC’s ability to collect information specific to investment advisers’ SMAs, which for the purposes of reporting on Form ADV include all advisory accounts other than registered investment companies, business development companies, and pooled investment vehicles that are not investment companies (i.e., private funds).

This list is not exhaustive and contains some best practice compliance suggestions. Large Liquidity Fund Advisers must file for the quarter ending December 31, 2016. Ensure that the IARD account is properly funded to facilitate filing the annual adviser registration renewal Form ADV. File any required Forms 5 with the SEC, the issuer and the appropriate exchange. Large Hedge Fund Advisers must file for the quarter ending December 31, 2016. See: https://gov/answers/form345Bureau of Economic Analysis Filings (“BEA”) (BE-11, BE-13, BE-577, etc.) Should the BEA contact you via letter or otherwise, you are required to respond to this inquiry by law. person that had direct transactions or positions with a foreign business enterprise in which it had a direct and/or indirect ownership interest of at least 10 percent of the voting stock if an incorporated business enterprise or an equivalent interest if an unincorporated business enterprise at any time during the reporting period.

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