Form Adv (Paper Version) General Instructions Page 27
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35GLOSSARY OF TERMS
1. Advisory Affiliate: Your advisory affiliates are (1) all of your officers, partners, or directors
(or any person performing similar functions); (2) all persons directly or indirectly
controlling or controlled by you; and (3) all of your current employees (other than
employees performing only clerical, administrative, support or similar functions).
If you are a “separately identifiable department or division” (SID) of a bank, your advisory
affiliates are: (1) all of your bank’s employees who perform your investment advisory
activities (other than clerical or administrative employees); (2) all persons designated by your
bank’s board of directors as responsible for the day-to-day conduct of your investment
advisory activities (including supervising the employees who perform investment advisory
activities); (3) all persons who directly or indirectly control your bank, and all persons
whom you control in connection with your investment advisory activities; and (4) all other
persons who directly manage any of your investment advisory activities (including directing,
supervising or performing your advisory activities), all persons who directly or indirectly
control those management functions, and all persons whom you control in connection with
those management functions. [Used in: Part 1A, Items 7, 11, DRPs; Part 1B, Item 2]
2. Annual Updating Amendment: Within 90 days after your firm’s fiscal year end, your firm
must file an “annual updating amendment,” which is an amendment to your firm’s Form
ADV that reaffirms the eligibility information contained in Item 2 of Part 1A and updates the
responses to any other item for which the information is no longer accurate. [Used in:
General Instructions; Part 1A, Instructions, Introductory Text, Item 2; Part 2A, Instructions,
Appendix 1 Instructions; Part 2B, Instructions]
3. Borrowings: Borrowings include secured borrowings and unsecured borrowings,
collectively. Secured borrowings are obligations for borrowed money in respect of which the
borrower has posted collateral or other credit support and should include any reverse repos
(i.e., any sale of securities coupled with an agreement to repurchase the same (or similar)
securities at a later date at an agreed price). Unsecured borrowings are obligations for
borrowed money in respect of which the borrower has not posted collateral or other credit
support. [Used in: Part 1A, Instructions, Item 5, Schedule D]
4. Brochure: A written disclosure statement that you must provide to clients and prospective
clients. See SEC rule 204-3; Form ADV, Part 2A. [Used in: General Instructions; Used
throughout Part 2]
5. Brochure Supplement: A written disclosure statement containing information about certain
of your supervised persons that your firm is required by Part 2B of Form ADV to provide to
clients and prospective clients. See SEC rule 204-3; Form ADV, Part 2B. [Used in:
General Instructions; Used throughout Part 2]
6. Charged: Being accused of a crime in a formal complaint, information, or indictment (or
equivalent formal charge). [Used in: Part 1A, Item 11; DRPs]
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