The Form ADV Annual Updating Amendment is required within 90 days after the end of a firm’s fiscal year, which most frequently requires that this amendment be filed by March 31st. Accordingly, investment advisers often begin preparing for the annual amendment in January every year. In addition to the required annual updating amendment to the Form ADV, an investment adviser’s Form ADV may need to be updated throughout the year, through submission of an other-than-annual amendment, dependent on certain circumstances, such as when information becomes materially inaccurate. These instances include, but are not limited to, when your firm:
· Offers a new service
· Changes its fees or fee structures
· Gains a new affiliate
· Begins buying new types of investments that have different risks
· Has a new relationship with a custodian
· Takes on custody that it did not have before
· Adds or removes any relying advisers as part of your umbrella registration
Although the annual updating amendment to a Form ADV might have been accurate when submitted, investment advisers should continually monitor throughout the year for any material changes or developments which would require submission of an other-than-annual amendment to the Form ADV.
Another difference between these two documents is the cost to file. There are filing fees associated with a firm’s initial Form ADV filing, as well as the annual updating amendment. However, there is no filing fee for an other-than-annual amendment.
The SEC has specific instructions to completing Form ADV updates, linked here. Information regarding annual updating amendment and other-than-annual amendments is primarily located in pages 3 through 6.
If you are an investment adviser and would like assistance with the Form ADV Annual Updating Amendment, or are unsure whether you have to complete an other-than-annual updating amendment, please reach out to us!