Deferral of Effective Date for Certain SEC Adviser Applications

November 10, 2010

Applications for SEC registration on Form ADV filed on or after November 20, 2010 will not be declared effective before January 3, 2011 absent filer requests to the contrary. SEC staff are deferring the effective date in order to alleviate a filing burden that could affect new applicants with a fiscal year ending December 31.

Each adviser, once its SEC registration is effective, must file an annual updating amendment within 90 days after the close of its fiscal year. Therefore, if a new applicant for SEC registration with a December 31 fiscal year end filed its initial Form ADV in late November 2010 and the SEC declared its registration effective during the month of December 2010, the new registrant’s first annual updating amendment would be due by March 31, 2011, only a few months after the initial filing. The result of deferring the effective date means that an adviser with a December 31 fiscal year end, applying for initial SEC registration late in the year, will file its first annual updating amendment no later than March 31, 2012.  Filers can request that approval not be deferred either on Schedule D of Form ADV (in the Miscellaneous section), or by calling the SEC IARD Filing Status phone number (202-551-7250). The SEC will act on all registration applications within 45 days of filing as required by section 203(c)(2) of the Advisers Act.

Click here to access the SEC announcement.


Investment Advisers, Regulatory