May 1, 2024

Understanding Form ADV Amendments

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The Difference Between Annual And Other-Than-Annual Amendments

When it comes to Form ADV filings, knowing when to submit amendments is crucial for investment advisers. Here's a breakdown of when each type of amendment is required:

Annual Updating Amendment:

The Form ADV Annual Updating Amendment must be filed within 90 days after the end of a firm’s fiscal year, typically by March 31st. This amendment is an annual requirement, prompting investment advisers to start preparations as early as January.

Other-Than-Annual Amendment:

In addition to the annual updating amendment, investment advisers may need to submit other-than-annual amendments throughout the year. These amendments are necessary when certain circumstances arise, such as material inaccuracies in the information previously provided. Examples of such circumstances include:

• Offering a new service

• Changing fees or fee structures

• Gaining a new affiliate

• Buying new types of investments with different risks

• Establishing a new relationship with a custodian

• Assuming custody not previously held

• Adding or removing relying advisers as part of an umbrella registration

It is essential for investment advisers to continually monitor for any material changes or developments throughout the year that would necessitate submission of an other-than-annual amendment to Form ADV.

Cost Difference:

One notable difference between these two types of amendments is the cost to file. While there are filing fees associated with a firm’s initial Form ADV filing and the annual updating amendment, there is no filing fee for an other-than-annual amendment.

Understanding these distinctions helps investment advisers maintain compliance with regulations and ensures that timely updates are made so that their Form ADV accurately reflects their business activities and relationships .

For More Information

The SEC provides detailed instructions for completing Form ADV updates, accessible through this link. Information regarding both the annual updating amendment and other-than-annual amendments can be found primarily on pages 3 through 6.

How Coast to Coast Compliance Can Help.

If you are an investment adviser and would like assistance with any Form ADV updates, please reach out to us!