To facilitate compliance with amendments to Rule 206(4)-1 (Marketing Rule) under the Investment Advisers Act of 1940, we developed a Compliance Checklist.  The date for compliance  is November 4, 2022 – by which time registered investment advisers must adopt and implement new policies and procedures, and build the operational and supervisory systems necessary for compliance.

• The Marketing Rule modernizes the regulatory regime governing investment adviser marketing practices and revises standards that investment advisers have been operating under for decades.
• Compliance with the Marketing Rule will require significant changes to investment advisers’ marketing practices, including use of testimonials, endorsements, or third party ratings and investment advisers’ use of performance information.
• The Compliance Checklist is intended to serve as a helpful guide for legal and compliance personnel responsible for developing compliant policies, procedures, and systems that account for these sweeping changes.

You can access it here.

Investment Advisors

• Form ADV Annual Updating Amendment
• IARD Fees
• State Filings

Hedge/Private Fund Advisors

• Reaffirm CPO and CTA Exemptions
• Initial Form PF
• Form PF for Large Hedge Fund Advisers
• Blue Sky Filings (Form D)
• Exempt Reporting Advisers Form ADV Filing
• Annual Reports for 4.7 Exempt CPOs

Broker-Dealers

• Annual Reports for the Fiscal Year-End December 31st
• Supplemental Inventory Schedule (“SIS”)
• SIPC-6 Assessment
• SIPC-7 Assessment
• SIPC-3 Certification of Exclusion from Membership
• Rule 17a-5 Monthly and Fifth FOCUS Part II/IIA Filings
• Supplemental Inventory Schedule (“SIS”)
• SIPC-6 Assessment
• SIPC-3 Certification of Exclusion from Membership
• SIPC-7 Assessment

Registered Commodity Pool Operators

• Form CPO-PQR (All Schedules)
• CFTC Form CPO-PQR 
• CFTC Form CPO-PQR 
• CPO Members must distribute an Annual Report

Mutual Funds

• Form N-PORT
• Form N-MFP
• Form N-CEN

Read more here.

As background, Form PF requires private fund advisers with at least $150 million in private fund assets under management to report certain information to the SEC at least annually and for a subset of large private fund advisers to provide more information on a more frequent basis.

The rule proposal makes changes in three principal areas including:

• Requiring current reporting by large private fund advisers for certain triggering events.

• Change reporting thresholds and require additional information to be reported by large private equity advisers.

• Require additional reporting by Large Liquidity Fund Advisers.

Read more here.