Exempt Reporting Adviser Filings

Exempt Reporting Adviser Filings

Under the Investment Advisers Act of 1940, investment advisers, including investment advisers of hedge funds and private equity funds (also referred to as “private fund advisers”) must register with the SEC. Certain private fund advisers are exempt from SEC registration but are still required to file annual reports as exempt reporting advisers using a shortened version of Form ADV. In addition, some states also require private fund investment advisers exempt from registration under state law to file annual reports as exempt reporting advisers.

Exempt reporting advisers are investment advisers not required to register with the SEC or states they conduct business in, yet they still must file annual reports using a shortened version of Form ADV. Just like registered investment advisers, exempt reporting advisers are required to file Part 1A of Form ADV through the IARD system managed by FINRA.

The sections of Part 1A on Form ADV which exempt reporting advisers are required to prepare and file are:

  • Item 1 – Identifying Information
  • Item 2 – Identification of Exemption
  • Item 3 – Form of Organization
  • Item 6 – Other Business Activities
  • Item 7 – Financial Industry Affiliations and Private Fund Reporting
  • Item 10 – Control Persons
  • Item 11 – Disciplinary Events

We can advice your investment adviser firm on which exemption from investment adviser registration is best suited for your firm and we can help file all necessary materials in order to ensure your compliance with the exempt reporting adviser provisions at federal and state levels. 

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