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Amendments to Form ADV Part 1A

Bates Group Introduces Arbitrator Evaluator™ — The Essential Information Source for Arbitrator Selection
September 28, 2017
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On October 1, 2017, regulatory changes go into effect for investment advisers. The amended Form ADV will require investment advisers to expand the information they report on Form ADV about separately managed accounts and other important aspects of their advisory business. The SEC also adopted a number of other amendments to the Form ADV and certain rules under the Investment Advisers Act of 1940 that include permitting consolidated investment adviser registrations for certain private fund advisers that operate a single advisory business through multiple entities, amending the Advisers Act books and records rule to require investment advisers to maintain additional information supporting performance claims, and making certain other clarifying and technical amendments to the Form ADV and Advisers Act rules.

Investment advisers are not required to revise and file their Form ADV on that date solely to reflect the changes. Instead, an investment adviser will be required to use the new Form, and provide all of the newly requested information, in any initial filing or amendment of its Form on or after October 1, 2017As a practical matter, investment advisers will generally not use the new Form until filing their next annual updating amendments (January 1, 2018 and April 2, 2018 (March 31, 2018 is a Saturday) or until they are filing an other-than-annual amendment due to material changes.

Compliance Risk Concepts suggest that investment advisers review the new requirements in detail to ensure that if an earlier amendment must be made, the required information can be gathered in a timely manner.

View Form ADV Part 1A

Highlights of the Form changes and material changes that would require filing an other-than-annual amendment are outlined on pages 2 and 3 of this memorandum. In addition, a PDF document has been attached to include each of the changes to the Form. Those changes are indicated in the color red.

In addition to the highlighted amendments and material changes below, please see the PDF version of the new Form ADV which highlights in yellow, section by section and question by question the changes that were made to the ADV.

Compliance Risk Concepts is available to answer any questions regarding these changes or assist your firm with the completion of the amended Form.