New Part 2 of Form ADV is not yet adopted in Texas for use by either investment adviser applicants or registrants but the Securities Board encourages new and currently registered firms to use new Part 2. New investment adviser applicants must file Form ADV Part 1B electronically through IARD, beginning January 1, 2011, and the Securities Board encourages applicants to begin the process by importing new Part 2 instead of old Part II onto IARD. After January 1, 2011, registrants may file an annual updating amendment on new Part 2 instead of on old Part
II since an annual updating amendment is not required in Texas.
Please see http://www.ssb.state.tx.us/