List items for a Form ADV annual updating amendment
Key facts
- Human involvement
- RedLawyer-led
- How AI is used
- List the fiscal year-end date stated in the file and the Part 1 or Part 2 items a change note says have changed. Write no amendment and no financial statements.
- What the lawyer must review
- 17 C.F.R. section 275.204-1(a)(1) requires an adviser to amend Form ADV Parts 1 and 2 at least annually, within 90 days of the end of the adviser's fiscal year, and more frequently if the instructions to Form ADV require it. Part 3 is amended at the frequency those instructions require. Paragraph (b)(1) requires electronic filing through IARD of amendments to Part 1A, Part 2A, and Part 3, unless a continuing hardship exemption under section 275.203-3 applies, in which case paragraph (b)(2) requires a paper filing mailed to FINRA. Brochure supplements under Part 2B are not filed with the Commission. Paragraph (c) requires an annual filing fee each time the annual updating amendment is filed. No portion of the fee is refundable. The amended Form ADV is not accepted by FINRA, and is not considered filed with the Commission, until the fee is paid. Paragraph (d) says each amendment required under the section is a report within sections 204 and 207 of the Act. The note to the section says a summary of material changes that is not included in the brochure must be filed as an exhibit to Part 2A in the same electronic file, and that an adviser who is not required to prepare a brochure, a summary of material changes, an annual updating amendment to the brochure, or Form CRS is not required to file them. This rule does not require audited financial statements. The lawyer prepares the amendment. The tool writes nothing that is filed. The Cornell page is not the official edition.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Supporting preparation only. Consider narrowly defined preparation support after confirming the tool’s capability and permitted scope. The tool writes nothing into the document. Substantive advice, judgement and any restricted content remain with the responsible human. |
| Lawyer | Perform the substantive analysis and decisions. Independently check any permitted supporting work and approve the exact output for its intended use. |
Checklist
- Trace every relied-on figure to its source, confirm dates and assumptions, and independently recalculate totals or derived amounts.
- Check the current court or regulator requirements, prescribed form and attachments for the intended document and filing.
- Verify the applicable jurisdiction and the version of each relevant law, rule or instrument in force at the material time.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.