Applicants registering as investment advisers for the first time in Louisiana must submit Part 2 of Form ADV through the IARD.
Registrants must include new Part 2 with their next filing of an amendment or annual updating amendment, whichever "filing" occurs first. Investment advisers with a fiscal year end of December 31, 2010 who haven't yet filed an updated Part 2 must, by March 31, 2011, electronically file an annual updating amendment with the IARD that includes the new Part 2 brochures. Investment advisers must within 60 days of filing the amendment deliver a new Part 2 brochure and brochure supplements to their existing clients that comply with amended Form ADV. Investment advisers must then begin delivering their new Part 2 brochure and brochure supplements immediately to new and prospective clients. Investment advisers must annually within 120 days of their fiscal year-end: (1) deliver to each client a free updated brochure that includes either a summary of material changes or is accompanied by a summary of material changes; or (2) deliver to each client a summary of material changes that includes an offer to provide a copy of the updated brochure and information on how a client may obtain it.
For more information please see here. Go down the blue "securities" column of the home screen to "Notice to Investment Advisers—New Form ADV Part 2 Filing & Use Requirements."