See the Changes to Form ADV

With all the regulatory changes to Form ADV coming out, I found it tough to figure out what the changes look like on the form. The Securities and Exchange Commission published a helpful redline that highlights the changes.

The SEC is not willing to stand behind the redline, noting:

This document illustrates most of the revisions to Form ADV related to adopted rule release IA-4509. This document should not be considered a complete and comprehensive list of changes to Form ADV.

I think many will find the “separately managed account” portion to be confusing. The first being the use of this term which sounds much like the term, separate account, used in the insurance industry to invest. The borrowing and derivatives reporting will be time-intensive.

Sources:

• Form ADV Part 1A Summary of Changes Per IA 4509 To Be Implemented October 1, 2017 (.pdf)
• IA-4509 Form ADV and Investment Advisers Act Rules
• The SEC Wants To Know About Your Social Media
• Separately Managed Accounts
• The SEC Wants To Know If You Have An Outsourced CCO