As IARD now permits submission of Part II of the Form ADV, what is my firms obligation with respect to filing Part II and where can I get additional information?
SEC-registered advisers: The SEC does not require SEC-registered advisers to file Part II of Form ADV electronically. Regardless of whether your firm files its Part II through IARD, your firm must continue to provide prospective clients with a copy of Part II or a brochure containing at least the same required information. A copy of Part II also must be kept in your office for inspection by the SEC. See Rules 203-1(b)(2), 204-1(c) and 204-3 of the Investment Advisers Act for details of your legal obligations concerning Part II of Form ADV. State-registered advisers: All states will accept Part II through IARD. Some states may require you to file Part II through IARD. If you are uncertain whether your state requires submission via IARD, please contact the state securities regulator directly. Their numbers are available on the NASAA Web Site.
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