Registration and Post-Registration Requirements
Chapters in this video
- 0:00 Introducing Adam the adviser and the registration maze
- 1:02 Form ADV filing and the IARD versus EDGAR trap
- 1:38 State effective date versus SEC 45-day window
- 2:08 Mid-sized adviser New York mandatory SEC registration
- 3:06 Mandatory versus eligible SEC registration categories
- 3:34 Breaking down Form ADV parts and deadlines
- 4:35 State versus SEC brochure delivery rules
- 5:42 The 5-business-day penalty-free cancellation nuance
- 6:06 Record retention: 5 years total, 2 years on-site
- 6:30 Custody, discretion, and direct fee deduction net worth
- 7:46 Prepaid fee trigger and the two-day financial report panic
- 9:04 Rapid-fire exam recap
What this video covers
- The exact difference between the IARD and EDGAR filing systems, and why investment advisers use the Investment Adviser Registration Depository (IARD) for Form ADV
- State registration effective date (noon on the 30th day) versus SEC registration (45-day action window), and which clock is automatic
- Why a mid-sized adviser ($25 million to $100 million assets under management) headquartered in New York must register with the SEC, not the state
- Which advisers must register with the SEC (registered investment companies, business development companies at $25 million plus) versus which are merely eligible under exemption rules
- Form ADV structure: Part 1 (administrative), Part 2A (brochure), and Part 2B (brochure supplement), plus the 90-day and 120-day fiscal-year-end deadlines
- State brochure delivery rules (48 hours before signing, or at signing with 5-business-day penalty-free cancellation right) versus the simpler SEC standard
- Net-worth thresholds: custody ($35,000 and audited), discretion ($10,000 and unaudited), direct fee deduction ($0), and the prepaid fee trigger (over $500 at six or more months in advance)
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