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New form ADV Part 2: post‐filing post‐mortem and more fun with Part 1

Lorna A. Schnase (Investment Management Lawyer practising in Houston, Texas, USA)

Journal of Investment Compliance

ISSN: 1528-5812

Article publication date: 13 September 2011

Abstract

Purpose

The purpose of this paper is to identify and discuss issues impacting Form ADV filings that include new adviser firm brochures and brochure supplements.

Design/methodology/approach

Issues were identified by reading against relevant SEC form requirements and guidance, a random sampling of Form ADV amendments filed on the IARD system between January and April 2011.

Findings

A host of problems and unusual approaches were found in brochures and supplements created under new Form ADV Part 2, along with numerous issues still challenging advisers on Part 1.

Research limitations/implications

The issues discussed in this paper are among those observed in a limited number of ADV filings selected at random. A more systematic or extensive analysis of filings would likely reveal additional issues that would be fruitful for future discussion.

Practical implications

Advisers and other industry professionals can learn from the issues discussed in this paper and be alert to their potential application to other filings.

Originality/ value

This paper provides practical information and insight about Form ADV useful to enhancing an understanding of the form as it has been recently amended.

Keywords

Citation

Schnase, L.A. (2011), "New form ADV Part 2: post‐filing post‐mortem and more fun with Part 1", Journal of Investment Compliance, Vol. 12 No. 3, pp. 14-25. https://doi.org/10.1108/15285811111172259

Publisher

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Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited