By Oyster Consulting LLCSubscribe to our original industry insights
SEC Issues Guidance on Form ADV Amendments – Are You Ready for October 1?
October 1 is the date that RIAs must comply with the August, 2016 amendments to the Form ADV. This month the SEC issued guidance around how a filer making an unanticipated, other-than-annual amendment should respond to the new or amended items in Item 5 and related Schedule D sections.
Some advisors have indicated to the SEC that the information necessary to complete those items may not be available because it was not reported on a previous Form ADV or captured in the books and records. In particular, advisors want to know how to respond to the new item in Schedule D, Section 5.K.(2), which asks for the amount of regulatory assets under management and borrowings in a filer’s separately managed accounts that correspond to the ranges of gross national exposure as of the end of the filer’s fiscal year.
The SEC has responded that staff would not recommend enforcement action if the filer responds “0” as a placeholder in order to submit its Form ADV, and includes a corresponding note in the Miscellaneous section of Schedule D identifying the placeholder was entered.
How Oyster Can Help:
If you have a question, call us. Oyster Consulting’s comprehensive services include Form ADV preparation, registration, risk assessments, CCO support and outsourcing, and annual reviews.
Oyster Solutions software is a highly-customizable platform designed to make your firm’s compliance program and risk assessment more efficient and effective. Oyster Solutions also helps you efficiently plan your work, assess risk, automate procedures and test your controls.
Subscribe to our original industry insights
"*" indicates required fields
Download the Capital Markets Services eBook to learn about CAT Reporting, Trade and Position Reporting, Market Access and Best Execution.Download