Wednesday, October 31, 2012

IARD / PFRD SYSTEMS UPDATED

On 10/29/12, FINRA made enhancements to the IARD and CRD systems. Changes were mostly enhanced system functionality. The changes that affect RIAs include:

  • "Type ahead" lookup for various lookup fields
  • Layout and form organization
  • Updates to fees and renewal statements
  • Private Fund Advisor updates for renewals
  • State Advisors - New question as to whether you are both an advisor and manager to a trust (ADV1B, Item 2.I.(2)(b) - Pooled Investment Vehicles and Trusts)

ADV1B, Item 2.I.(2)(b) -- Do you or a related person act as investment adviser and a trustee for any trust, or act as a trustee for any trust in which your advisory clients are beneficiaries of the trust? If, yes, please contact AdvisorAssist @ Support@AdvisorAssist.com with the details of these relationships.

If you do not have a change to ADV1B, Item 2.I.(2)(b) above, there are no actions required at this time, however, any pending filings on your accounts will need to be deleted and re-created.

SEC Advisors may have received an email regarding the updates (see language below). We do not believe any emails went to State advisors.



IARD / PFRD SYSTEMS UPDATED

TO: ALL SEC ADVISERS THE IARD AND PFRD SYSTEMS HAVE BEEN UPDATED. A SUMMARY OF THESE UPDATES MAY BE FOUND AT HTTP://WWW.IARD.COM/RELEASE_NOTES.ASP . PLEASE NOTE THAT FORM ADV AND FORM PF FOR SEC ADVISERS HAVE NOT CHANGED - THE CHANGES THAT WERE MADE ARE SYSTEM CHANGES ONLY (SUCH AS NEW COMPLETENESS CHECKS THAT EXPAND ACCEPTABLE VALUES FOR CERTAIN QUESTIONS (E.G., ALLOWING MORE THAN 100% FOR CERTAIN QUESTIONS)). THE PFRD SYSTEM HAS ALSO BEEN UPGRADED TO KEEP DRAFT FORM PF FILINGS FOR 180 DAYS (AFTER WHICH TIME THESE UN-FILED DRAFT FILINGS ARE AUTOMATICALLY DELETED). ADVISERS FILING FORM PF BY XML SHOULD REVIEW THE REVISED FORM PF SCHEMA DOCUMENTATION AT HTTP://WWW.IARD.COM/PFRD/USERSUPPORT.ASP FOR CHANGES MADE TO THE SCHEMA. THESE CHANGES ARE LISTED AT THE BEGINNING OF THE DOCUMENT UNDER CHANGE HISTORY (E.G., THE FIELD TAGS FOR NFA ADVISERS AND NFA FUNDS HAVE BEEN CHANGED TO ELIMINATE CONFUSION BETWEEN THESE TWO FIELDS ON FORM PF). QUESTIONS REGARDING FORM ADV SHOULD BE SENT TO IARDLIVE@SEC.GOV AND QUESTIONS REGARDING FORM PF SHOULD BE SENT TO FORMPF@SEC.GOV. THANK YOU. WWW.IARD.COM

TRACKING INFO: Date Generated: 10/31/2012 00:10:12 Firm Sent To: [Firmname/CRD] THIS COMMUNICATION IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED AND CONTAINS OR MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL OR EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. If the reader of this communication is not the intended recipient (or the employee or agent responsible for delivering to the intended recipient), you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please disregard and delete this communication, and do not disseminate or retain any copy of this communication.

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