ADV Annual Update

When do I need to update my ADV?

ANNUAL UPDATE

Everyone knows that subsequent to initial registration, Form ADV gets updated annually by the end of March of each year for registrants with a 12/31 year end or within 90 days after the end of the registrant’s fiscal year. However, certain things trigger a need to update an ADV prior to the annual update.

The following is quick guidance as to when updates need to be made:

OTHER THAN ANNUAL UPDATE

WITHIN 30 DAYS OR “PROMPTLY”:
Inaccurate in any way:

• Part 1A
  • Item 1—address of office, hours, CCO, website, location of books and records, foreign registration
  • Item 3—form of organization
  • Item 9 (but not Item 9. A. (2), Item 9.B.(2), 9.E., and Item 9.F)-custody
  • Item 11—disciplinary disclosure
• Part 1B (State registered Advisers)
  • Item 1
  • Item 2. A – Item 2.F
  • Item 2.I

Materially inaccurate

• Part 1A
  • Item 4-succession
  • Item 8—participation in client transactions
  • Item 10—Control Persons (Schedules A and B)
• Part 1B(State registered Advisers)
  • Item 2.G
• Part 2A or Brochure—ordinarily changes in fee schedule or AUMs do not require an update but must update fee schedule or AUMs if amending brochure for an unrelated material reason
  Part 2B or brochure supplement –update required if any information becomes materially inaccurate

As soon as practicable:

• Changes to CCO
• Major swing in AUM numbers

Can Hold for Annual Update:

• Changes to directors
• Minor swings in AUM unless updating brochure for another reason
• New Funds

Resources:
https://www.paulweiss.com/files/upload/9-Mar-12ADV_Memo.pdf
https://www.sec.gov/about/forms/formadv-instructions.pdf