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SEC Form ADV-W

Contents

  1. Navigating SEC Form ADV-W: A Comprehensive Guide to Deregistration
  2. Deciphering SEC Form ADV-W
  3. Key Insights:
  4. Partial Withdrawal vs. Full Withdrawal
  5. Information Required on SEC Form ADV-W
  6. Record-Keeping Requirements after Filing SEC Form ADV-W

Navigating SEC Form ADV-W: A Comprehensive Guide to Deregistration

Understanding SEC Form ADV-W is essential for registered investment advisers (RIAs) considering withdrawal of their registration with the Securities and Exchange Commission (SEC). Let's explore the intricacies of this form, its significance, and the information required for a successful withdrawal process.

Deciphering SEC Form ADV-W

SEC Form ADV-W serves as the official documentation for RIAs who wish to withdraw their registration or switch from federal to state registration. This form, mandated under the Investment Advisers Act of 1940, encompasses various schedules detailing the advisor's business status, clientele information, financial condition, and record-keeping practices.

Key Insights:

  • SEC Form ADV-W is the gateway to deregistration for RIAs, signaling their intent to relinquish their license as investment advisers.
  • It facilitates the transition from federal to state registration or vice versa, streamlining regulatory compliance.
  • Compliance with the Investment Advisers Act of 1940 is imperative for RIAs, emphasizing transparency and accountability in the financial industry.

Partial Withdrawal vs. Full Withdrawal

RIAs have the option to file for partial withdrawal or full withdrawal depending on their business needs. Partial withdrawal allows advisors to cease operations in specific jurisdictions or transition between state and federal registration. Conversely, full withdrawal entails relinquishing registration in all jurisdictions where the RIA is registered.

Information Required on SEC Form ADV-W

Completing SEC Form ADV-W necessitates meticulous attention to detail, including:

  • Identifying information such as name and CRD number
  • Status of advisory business and reasons for withdrawal
  • Financial obligations to clients and custody of client assets
  • Details of advisory contracts and legal proceedings
  • Statement of financial condition and record-keeping arrangements

Record-Keeping Requirements after Filing SEC Form ADV-W

Following the submission of Form ADV-W, de-registered advisors must adhere to record-keeping obligations for a specified duration, typically three to five years. Compliance with state-specific regulations regarding record retention is crucial to ensure regulatory compliance and mitigate potential legal risks.