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Are there any changes to the information asked in the Form ADV Part 1?


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Yes. For example, the SEC and state securities regulators have made revisions to the Form ADV Part 1A, Item 2A to reflect the new assets under management threshold for investment advisor registration and the other criteria that would make an investment advisor eligible for SEC registration. Each SEC registered investment advisor will be required to indicate its basis for SEC registration and to report annually whether it is eligible to remain registered. A mid-sized investment advisor registering with the SEC will be required to initially and annually affirm that the investment advisor is not (1) required to register as an investment advisor with the state securities regulator of its principal office or (2) subject to an examination as an investment advisor by that state securities regulator. The Form ADV Part 1 will also have new and revised questions on a variety of topics such as the types of services, number of employees, number and types of clients, client referrals and custody of client assets. The changes to the Form ADV Part 1 should be available in November 2011.

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