What a Difference a Year Makes: Best Practices for Completing Form ADV

The anniversary filing of the revamped Form ADV Part 1A, which included material changes to the Part 2A brochure, is thankfully behind us. The “Annual Updating Amendment” was filed by April 1st this year (2013), for the majority of registered SEC1 advisers, Exempt Reporting Advisers, and new private fund advisers. The industry wrestled with the initial interpretation of Form ADV fi ling back in 2011 — and then wrestled with interpretations for the anniversary of the compliance filing date, following the SEC’s revamping of ADV disclosures to include private funds. And now, a year later, what have we all learned from those early days, from the SEC’s very helpful Q&A’s, and from each other?

There still remain some complicated questions – questions the SEC didn’t envision when drafting the revised Form ADV, just as the SEC Rules adopted in 19402 didn’t contemplate private equity firms, exempt reporting advisers, or relying advisers. How the world has changed.

Fill in the form below

Loading form...
Category: Tag:

Cart

Latest Content

OCIE Examined 15% of RIAs in 2017

In 2017, the SEC examined 2,114 investment advisers, approximately 15 percent of the 14,000+ registered investment advisers, the SEC confirmed in its Fiscal Year 2019 Congressional Budget Justification Annual Performance Plan. In the same report, the SEC said the staff will continue to improve its efforts of RIAs, noting that nearly 35 percent of all … Continued

Ascendant’s Adam DiPaolo Discusses Hypothetical & Model Performance Marketing Pitfalls

A Jan. 12 article in HFMCompliance titled “Best practice for hedge funds using hypothetical and model performance” outlines best practices for hedge fund managers when using hypothetical performance or model data in marketing efforts, and how managers relying on such data can avoid enforcement actions. Adam DiPaolo, Senior Consultant in Ascendant’s Private Funds group, is quoted in the … Continued

SEC’s Exam Priorities Offer Insight Into National Exam Program

On February 7, 2018, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued their 2018 Examination Priorities (see Ascendant’s summary here). In addition to defining their examination priorities for the year, the OCIE staff offered some insight into the National Exam Program.  Specifically, they defined the following five principles in executing their exam priorities: … Continued

SEC Updates: ICO Gatekeeper Standards, SEC/CFTC Swap Rules

SEC Chairman Jay Clayton had some stern advice for market professionals, especially gatekeepers, who he said need to act responsibly and hold themselves to high standards. Speaking via videoconference during Securities Regulation Institute’s recent annual conference, he said, “To be blunt, from what I have seen recently, particularly in the initial coin offering (“ICO”) space, they … Continued

Mailing List

Subscribe to the Ascendant Compliance email list for the latest compliance resources, conferences, ComplianceCasts™, and more.

Loading form...

Contact Us

Ascendant works together with clients to identify and assess critical needs through customized plans. If you need assistance with compliance functions, regulatory services, cybersecurity or technology tools, we’d love to speak with you.