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FORM ADV PART 1
Part 1 of Form ADV must be updated and filed annually within 90 days of an investment adviser’s fiscal year end. Most investment advisers registered in North Dakota have a fiscal year of December 31, resulting in a March 31 deadline for the updating amendment filing. The Form ADV Part 1 annual updating amendment is filed through the IARD.
FORM ADV PART 2A – THE NARRATIVE BROCHURE
Part 2A of Form ADV, the investment adviser narrative brochure, must be updated and filed annually within 90 days of an investment adviser’s fiscal year end. The amount of client assets under management, any changes to fee schedules, and Item 2 Material Changes must be updated at this time.
Keep in mind if any information in your brochure becomes materially inaccurate at any point, it must be updated promptly, not only at the time of the annual update.
All updates to Form ADV Part 2A are filed through the IARD.
FORM ADV PART 2B – THE BROCHURE SUPPLEMENT
Part 2B of Form ADV, the brochure supplement, must be updated and filed promptly if any information in the supplement becomes materially inaccurate.
All updates to Form ADV Part 2B are filed through the IARD.
MATERIAL CHANGES
Depending on the facts and circumstances, examples of material changes may include but are not limited to:
- Change of address or contact information
- New owner(s) of an investment adviser entity
- Significant change in services offered
- New potential conflict of interest
- New fee schedule
- Changes in disciplinary history
- Change in custodian or broker-dealer relationship
- Change in licensing/registration status with state securities regulator, SEC or FINRA
For Assistance Contact:
Cody Schmidt, Examiner / Investigator
Phone: (701) 328-4703; Email: cschmidt@nd.gov
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