The ADV form is used by investment advisers to register with the SEC or state securities commissions, and to make changes to existing records. It has three parts, including schedules for information about owners and disciplinary actions. The form must be updated annually and fees are required. Electronic versions are submitted through the IARD system.
An ADV form is used when investment advisers are required to register with the Securities and Exchange Commission (SEC) or state securities commissions. If changes to existing records need to be made, this form will also be used. There are two versions of the ADV form. One is a paper version and the other is an electronic version.
The ADV form has three parts. The first part attempts to identify the entity that is submitting the request. In some cases this is an individual; in other cases, this will be a business.
In addition to information about the applicant entity, questions will also be asked about the entities that control or exercise authority over the applicant’s operations. The first part of the ADV form contains numerous schedules. They request information about direct owners, indirect owners, and disciplinary actions from both the applicant and its affiliates.
The next section of the form, Part 1B, collects the information required by state authorities. Not everyone will need to complete this portion. It is only required when an entity wishes to register with state authorities.
The third section, known as Part II, requests the prospectus of the requesting entity. Generally, the requesting entity must submit the current prospectus when required. Those who are already registered with the SEC are not required to file this part of the application with the SEC. They are simply required to keep amendments on file in case they are requested. State rules may vary.
The ADV form must be updated every year. This must be done within 90 days of the end of the fiscal year. There is some information that should be changed quickly in case of changes.
Each application must include a Run page. There are three possible run pages. One is used for residents of the United States (US). Another is used for non-US residents. The third is required when registering with state authorities.
Electronic ADV forms are submitted through the SEC-sponsored Investment Adviser Registration Repository (IARD). To access this system, the applicant must apply using the FINRA entitlement system. Both websites are protected with username and password.
Filing an ADV form usually involves fees. It is not only important that the applicant complete the form completely and correctly; It is also important that the applicant include the required payment. If any of these things are not completed, the application may not be processed.
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