Tuesday, December 14, 2010

Tennessee Sets Forth Form ADV New Part 2 Filing Procedures

Up until January 1, 2011, investment adviser applicants registering for the first time in Tennessee may electronically submit old Part II or new Part 2 of Form ADV through the IARD. Similarly, registrants may file Form ADV amendments through the IARD using either old Part II or new Part 2.

Beginning January 1, 2011, applicants registering for the first time in Tennessee should electronically submit new Part 2 through the IARD.

Registrants must incorporate new Part 2 with the first of the following filings they make after January 1, 2001, either the filing of a Form ADV amendment or the filing of their annual updating amendment. Investment advisers whose fiscal year ends December 31, 2010 that haven't already filed an updated Part 2 must electronically submit through the IARD an annual amendment updating the brochures contained in new Part 2 no later than March 31, 2011. These brochures for investment advisers whose fiscal year-end is March 31, 2011 or after must be updated by including within them a summary of material changes or by accompanying them with a summary of the material changes. The updated brochures must be delivered free of charge to each advisory client within 120 days of the advisers' fiscal year-end.

For more information please call (615) 741-3187; (800) 863-9117 or email here. The Tennessee Securities Division's website is found here.


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