What is Form ADV?

Part 1A asks about the adviser, its business practices, who owns and controls it, and who gives advice on its behalf. Part 2 is the brochure, a written disclosure statement for clients and prospective clients. Exempt reporting advisers complete only some items of Part 1A. Every filer updates the form within 90 days of its fiscal year end and amends it during the year for material changes.

Say a manager’s fiscal year ends on December 31. Its annual update to Form ADV is due within 90 days, which is by March 31, or March 30 in a leap year. Simple example. Terms vary by fund.

The SEC makes it public, so investors can read what a manager reports about its business and who owns and controls it before they commit.