SEC Announces Technical Changes to Forms ADV, ADV-W

The SEC is making amendments to Forms ADV and ADV-W to reflect the enactment of a Wyoming state law regulating investment advisers. The amendments will become effective July 1, 2017. The forms are used by investment advisers to register and withdraw from registration with the SEC and state securities regulators.

The technical changes denote Wyoming as a state that regulates investment advisers. The amendments are a response to a Wyoming statute requiring small and midsize advisers to register with the Wyoming Secretary of State. Wyoming advisers that had registered with the SEC solely because they did business in a state without a registration scheme for advisers will be required to de-register from that state and re-register with Wyoming. Going forward, and consistent with Section 203A of the Advisers Act, advisers with a principal place of business in Wyoming will be ineligible to register with the SEC unless they manage assets in excess of $100 million, advise a registered investment company, or otherwise qualify for federal registration.

The SEC estimates that this change will affect approximately 35 advisers managing a total of $530 million in assets.