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SEC Staff Issues Information Update for Advisers Filing Certain Form ADV Amendments

The staff of the Securities and Exchange Commission’s Division of Investment Management (Staff) has issued an Information Update regarding the SEC’s recently adopted amendments to Form ADV, which will go into effect on October 1. After this date, any adviser filing an initial Form ADV or an amendment to an existing Form ADV must provide responses to the revised form. The Staff has received questions involving situations in which an adviser must file an other-than-annual amendment to Form ADV in the time between October 1 and the adviser’s next annual amendment. In particular, advisers questioned how to respond to new or amended questions in Item 5 and the related Schedule D sections, which require information as of the end of the adviser’s fiscal year, if the adviser did not maintain such information as of the end its last fiscal year. In the Information Update, the Staff determined not to recommend enforcement action if, during the period from October 1 through the adviser’s next annual amendment, the adviser responds “0” as a placeholder for new or amended questions in Item 5 or the related Schedule D sections for which the adviser does not have enough data to respond. Additionally, the Staff provided that in these circumstances advisers should include an entry in the Miscellaneous section of Schedule D, noting that a placeholder value was entered.

The Information Update is available here.

©2018 Katten Muchin Rosenman LLP


About this Author

Ayah Sultan, Katten Law Firm, Financial Services Attorney

Ayah Sultan is an associate in the Financial Services practice. 

While in law school, Ayah served as an editor of the Harvard Business Law Review, a member of the Harvard Law Entrepreneurship Project and a board member of the Women's Law Association.

David Y. Dickstein, Financial Services Lawyer, Katten muchin law firm

David Dickstein represents broker-dealers, investment advisers, investment companies and hedge funds in connection with a variety of regulatory, compliance and operational matters. David regularly counsels investment advisers on registration and regulatory matters, such as the need for registration, conflict of interest disclosures, soft dollars and best execution, firm advertising and marketing, federal and state pay-to-play matters, trade allocations and personal trading. He also advises broker-dealers on registration and ongoing compliance matters, mutual fund supermarkets on mutual fund distribution issues and brokerage and advisory firms on structuring and offering wrap fee programs and other financial products. In addition, David provides assistance in responding to Securities and Exchange Commission (SEC) investigations and examinations and in conducting compliance audits and regulatory reviews.