As previously reported by JLG, in June 2011 the SEC adopted new rules implementing amendments to the Investment Advisers Act created by the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The Dodd-Frank Act increased the statutory threshold for registration by investment advisors with the SEC from $25 million in assets under management (“AUM”) to $100 million.
In order to facilitate this change and allow those registrants who will no longer be required to register with the commission to transition to state oversight, all SEC registered investment advisers (regardless of their fiscal year-end) must file an amendment to Form ADV Part 1 between January 1, 2012 and March 30, 2012.
In addition to completing the newly required additional information in this form, the AUM information in Form ADV Part 1, Item 5, must be updated to December 31, 2011 for this filing. For advisers that have a fiscal year-end of December 31, the form should be filed as their “annual amendment.” For those advisers with a different fiscal year-end date, the form should be filed as an “other than annual amendment.”
After this filing is completed, any SEC registered investment adviser with AUM less than $100 million must file with one or more state authorities, and then withdraw registration from the SEC by June 28, 2012. Advisers with their principal place of business in Wyoming or New York will remain registered with the SEC because these jurisdictions do not subject investment advisers to examination.
For additional information about Form ADV or transitioning from SEC to state registration, please contact us at firstname.lastname@example.org or by phone at (619) 298-2880.