Deadlines Quickly Approaching in Form ADV Part 2 Overhaul

On July 28, 2010, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Part 2 (formerly Part II) of Form ADV and the related rules under the Investment Advisers Act of 1940. These amendments require registered investment advisers to file and deliver to clients a narrative brochure (Part 2A) and brochure supplement (Part 2B), replacing the “check the box” approach under the old Part II.

Part 2A (the brochure) provides clients and prospective clients of a registered investment adviser with information regarding the investment advisory firm, while Part 2B (the brochure supplement) focuses on providing information regarding certain personnel of the investment advisory firm. On December 28, 2010, the SEC, responding to comments received from various industry participants, delayed the filing and delivery deadlines for Part 2B.

Following the SEC’s December 28, 2010 action, for existing registered investment advisers with a fiscal year ending on or after December 31, 2010, the following deadlines apply:

Part 2A

• File with the SEC no later than March 31, 2011
• Begin delivering to new and prospective advisory clients on March 31, 2011
• Deliver to all existing clients by March 31, 2011

Part 2b

• Begin delivering to new and prospective advisory clients by July 31, 2011
• Deliver to all existing clients by September 30, 2011

For more information or an explanation about the matters discussed in this newsletter, please contact any of the attorneys in our Fund Formation and Investment Management Practice Group

This newsletter is for information purposes only and should not be construed as legal advice. This information is not intended to create, and receipt of it does not constitute a lawyer-client relationship. For more information or an explanation about the matters discussed in this newsletter, please contact any of the attorneys in our Fund Formation and Investment Management Practice Group.