March 28, 2013

Are you a late ADV filer? You still have time.

Annual ADV Filing - Due April 1st!

If you have yet to file your annual update to your ADV 1 and 2, you still have time.

An RIA is required to file its annual amendment to Form ADV1 and ADV2 (the "Disclosure Brochure") and ensure all related documents and disclosures are up to date. Each year the advisors are required to complete these updates through the IARD filing system within 90 days following fiscal year end. For those December 31 year end firms, the deadline would be March 31st. As March 31st falls on a Sunday and a Holiday, with the loss of Friday and Saturday as filing days, the SEC issued a notice (see below) that extends the ADV filing deadline to Monday, April 1, 2013.

The SEC notice is below:

Notice to Form ADV Filers

Filers should be aware of the following:

Rule 204-1 under the Advisers Act requires advisers to file an "Annual Updating Amendment" to Form ADV with the Commission within 90 days after their firm's fiscal year end. Many advisers have a December 31 fiscal year end, which means that they would have to file their annual amendment by March 31, 2013. This year, March 31 falls on a Sunday. In addition, Friday, March 29, 2013 is a holiday for FINRA (the entity that runs the IARD system). The IARD system therefore is closed both March 29 and March 31, 2013.

Rule 0-4 under the Advisers Act provides that fillings required to be made through the IARD on a day that the IARD is closed will be considered timely filed with the Commission if filed through the IARD no later than the following business day. (See Title 17: Commodity and Securities Exchanges Part 275 - Rules and Regulations, Investment Advisers Act of 1940) Therefore, advisers with a December 31 fiscal year end may file their Annual Updating Amendments no later than Monday, April 1, 2013.

If you have any questions about the Form ADV deadlines, please contact:

The Office of Chief Counsel / Public Inquiry

Phone: (202) 551-6865


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