YEAR-END COMPLIANCE MATTERS
INVESTMENT ADVISERS AND EXEMPT REPORTING ADVISERS AND CERTAIN FUND MANAGERS
IARD Renewal Fees. Annual renewal fees for SEC and state-registered investment advisers as well as SEC exempt reporting advisers were due to the IARD on December 18, 2015. Please visit www.iard.com for more information, fee schedules and payment options. If you have not already done so, you should submit full payment now.
Form D Annual Amendments. Fund managers should be mindful of the need to update their Regulation D filing to ensure they have met any renewal requirements. Specifically, fund managers maintaining continuous offerings must file an updated Form D annually, on or before the anniversary of the Form D filing or the most recent amendment.
Blue Sky Filings. Fund managers should review their blue sky filings to ensure they have met any renewal requirements. Several states impose late fees or reject late filings altogether. Accordingly, it is critical to stay on top of filing deadlines for both new investors and renewals. We also recommend that managers review blue sky filing submission requirements. Many states permit blue sky filings to be filed electronically through the Electronic Filing Depository (“EFD”) system, and certain states will only accept filings through EFD.
FIRST QUARTER 2016 COMPLIANCE MATTERS
ALL INVESTMENT ADVISERS AND EXEMPT REPORTING ADVISERS
Annual Amendment on FORM ADV. Each registered investment (RIA) and exempt reporting adviser (ERA) must file an annual updating amendment to its Form ADV within 90 days of the adviser’s fiscal year end—usually March 30.
You must provide to each client an updated Form ADV brochure and summary of material changes to the brochure, if any (or simply a summary of material changes, if any) accompanied by an offer to provide the updated brochure in its entirety.
Annual Compliance Review. The Chief Compliance Officer must conduct a review of the adviser’s compliance policies and procedures on an annual basis. This annual compliance review should be in writing and presented to senior management. As part of this process, we remind CCOs that this is a convenient time to consider and make any changes that might be needed to your Compliance Procedures Manual. Advisers who are not registered may still wish to review their procedures and/or implement a compliance program as a best practice.
Annual Re-Certification of CFTC Exemptions. Commodity Pool Operators and Commodity Trading Advisers currently relying on certain exemptions from registration with the CFTC are required to re-certify their eligibility within 60 days of the calendar year-end. CPOs currently relying on CFTC Regulation 4.13(a)(3) will need to evaluate whether the commodity pool is still eligible for the exemption.
This newsletter is published as a source of information only for clients and friends of The Securities Law Group and should not be construed as legal advice or opinion on any specific facts or circumstances. The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship.
The Securities Law Group