How Lobg Does It Take To Register A Sexurity

How To Register equally an Investment Adviser

Division of Investment Direction
Links to New Material Added, October 14, 1999

Introduction

If you are required to register with the SEC as an investment adviser, you must file Form ADV and keep information technology current past filing periodic amendments, including an almanac subpoena on Schedule I to Form ADV. You must also, among other things: comply with the "brochure rule," which requires most directorate to provide clients and prospective clients with data about the adviser's business practices and educational and business concern groundwork; maintain accurate and current books and records, as specified past SEC rules; and be subject to inspection and examination by the SEC staff. Yous as well may be subject to limited forms of state regulation. These requirements are discussed below, and in the document "General Information on the Regulation of Investment Advisers." In addition, please consult the Investment Advisers Act, the rules thereunder, and the instructions to the forms, all of which accept been included in this booklet for your convenience.

Course ADV

Form ADV is the application for registration with the SEC as an investment adviser. Part I asks for information that is used to review the application and is used in the SEC'due south investment adviser regulatory program. Part Two requires disclosure of the background and business practices of the investment adviser, and tin exist given to clients of the investment adviser to comply with the "brochure rule." At that place are also several schedules to Form ADV. You must file both parts of Form ADV and the appropriate schedules with the SEC. Schedule I must exist filed with the SEC annually, regardless of whether information on the schedule has changed.

How Long Does it Take To Process Form ADV?

Within 45 days after you file your Grade ADV registration awarding, the SEC must grant your registration or begin proceedings to deny it, assuming that you accept fully and properly completed all items of the form and accompanying schedules. The SEC staff will return whatsoever Grade ADV that is not fully and properly completed. A new 45 24-hour interval period will begin when the Form ADV is resubmitted.

Amending Class ADV

SEC-registered advisers must update Form ADV annually by amending Schedule I and whatsoever information on the grade that has become inaccurate. Education x to Form ADV specifies the type of information that must exist corrected promptly, and the type that must be corrected within xc days of the terminate of the adviser'south financial year. Schedule I to Form ADV must be amended every year, within ninety days of the end of the adviser'southward fiscal year. If an adviser indicates on Schedule I that it is no longer eligible for SEC registration, the adviser must withdraw its registration within 180 days afterward the end of the adviser'south fiscal year.

Amending the form requires completing the execution page (page one of the form) and the unabridged page(s) containing the updated item(s). Circle the items existence amended. Rule 204-ane and the instructions to Class ADV give more consummate information on amendments.

Electric current Books and Records, Rest Sheets

All SEC-registered investment advisers must maintain truthful, accurate, and current books and records, every bit specified in Rule 204-2. Not all SEC-registered investment advisers, however, are required to submit fiscal statements to the Commission. SEC-registered investment advisers must file a remainder sail for the virtually recent fiscal year if they take custody or possession of client funds or securities, or if they require prepayment of more than $500 in fees per client, six months or more in advance. Meet Form ADV, Part II, Particular 14, and Schedule G to Form ADV. If you are required to submit a balance sheet, it must exist audited by an independent public accountant. It is filed annually on Schedule G as an subpoena to Form ADV. In addition, an adviser that has custody of client funds or securities must arrange for an contained public auditor to perform a "surprise" inspection of the custody property at some fourth dimension during the calendar year, and the accountant's report of this examination must be filed with the Commission as an attachment to Form ADV-East.

Filing Requirements

Obtaining Forms

Copies of SEC forms, including Forms ADV and ADV-W, can be obtained from the SEC'southward Publication Unit of measurement in Washington, D.C. past calling (202) 942-4046, or by sending a written asking to: Publications Unit, U.S. Securities and Exchange Commission, 100 F Street, NE, Mail Stop LL610, Washington D.C., 20549. At that place is no charge.

Investment Adviser Registration and Withdrawal Forms are now bachelor on the SEC website

Where to File

Submit all forms to:

U.S. Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Attn: Filing Desk

Instructions

All of the forms, including Forms ADV and ADV-W, comprise detailed instructions. Additional inquiries regarding the mechanics of completing and filing the forms should be directed to: Branch of Registrations and Examinations, SEC Operations Eye, Mail Stop A-ii, 6432 General Greenish Way Drive, Alexandria, VA 22312; phone: (202) 942-8980.

Copies, Signatures, Names

All adviser filings must be typed, and submitted in triplicate. Failure to submit 3 copies volition effect in the filing being returned. The filing as well may be declared delinquent when information technology is resubmitted. You should retain a fourth re-create of all filings for your records. Each copy of an execution page must contain an original, manual signature. Anyone executing a Form ADV or an amendment to Form ADV must use his full name unless the private legally only has an initial. If the registration awarding is filed by a sole proprietor, it should be signed by the proprietor; if filed past a partnership, it should be signed in the name of the partnership past a general partner; if filed past a corporation, it should be signed in the corporation'southward name by an authorized principal officeholder. The signature to Form ADV must be notarized, or may exist signed without notarization under penalty of perjury.

Fees

There are no fees for registration as an investment adviser, nor are there whatever fees for amendments or other filings.

http://www.sec.gov/divisions/investment/iaregulation/regia.htm

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Source: https://www.sec.gov/divisions/investment/iaregulation/regia.htm

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