Home/Reminder that the New Form ADV Rules Took Effect on October 1, 2017

Reminder that the New Form ADV Rules Took Effect on October 1, 2017


On October 1, 2017, the amendments to Part 1A of Form ADV and the Investment Advisers Act of 1940 (the “Advisers Act”) took effect.  The amendments, which are described in a previous Flash Report, will:

  1. require investment advisers to disclose additional information about their separately management account business;
  2. require investment advisers to report specific information on general business operations, including compliance operations;
  3. better facilitate the filing of an “umbrella registration” by private fund investment advisers; and
  4. tighten recordkeeping obligations under Advisers Act Rule 204-2.

On September 29th, the SEC updated its Form ADV FAQ to provide greater clarity around filing the Form ADV, including information regarding the revised reporting format.

All Form ADVs filed on or after October 1, 2017, must now report the new information required by the updated form.  Advisers filing a Form ADV between October 1, 2017, and their next annual amendment are permitted to respond with “0” as a placeholder for questions in Item 5 (or the Schedule D sections related to Item 5) if the necessary data is not yet available.  If the filer responds with “0”, the SEC has requested the filer provides a corresponding note in the Miscellaneous section of Schedule D explaining the use of the placeholder.


Advisers should review the information they report in their Form ADV and determine what additional information they must provide under the revised format.  As always, Fairview® will assist clients with updating and submitting their Form ADV.

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