Form Adv (Paper Version) General Instructions Page 9
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3514.
I am an exempt reporting adviser. Is it possible that I might be required to also
register with or submit a report to a state securities authority?
Yes, you may be required to register with or submit a report to one or more state securities
authorities. If you are required to register with one or more state securities authorities, you
must complete all of Form ADV. See General Instruction 3. If you are required to submit a
report to one or more state securities authorities, check the box(es) in Item 2.C. of Part 1A
next to the state(s) you would like to receive the report. Each of your investment adviser
representatives may also be subject to registration requirements. For additional information
about the requirements that may apply to you, consult the investment adviser laws or the
state securities authority for the particular state in which you are “doing business.” See
General Instruction 1.
15.
What do I do if I no longer meet the definition of “exempt reporting adviser”?
• Advisers Switching to SEC Registration:
o You may no longer be an exempt reporting adviser and may be required to register
with the SEC if you wish to continue doing business as an investment adviser. For
example, you may be relying on section 203(l) and wish to accept a client that is not a
venture capital fund as defined in SEC rule 203(l)-1, or you may have been relying on
SEC rule 203(m)-1 and reported in Section 2.B. of Schedule D to your annual
updating amendment that you have private fund assets of $150 million or more.
If you are relying on section 203(l), unless you qualify for another exemption,
you would violate the Advisers Act’s registration requirement if you accept a
client that is not a venture capital fund as defined in SEC rule 203(l)-1 before
the SEC approves your application for registration. You must submit your
final report as an exempt reporting adviser and apply for SEC registration in
the same filing.
If you were relying on SEC rule 203(m)-1 and you reported in Section 2.B. of
Schedule D to your annual updating amendment that you have private fund
assets of $150 million or more, you must register with the SEC unless you
qualify for another exemption. If you have complied with all SEC reporting
requirements applicable to an exempt reporting adviser as such, you have up
to 90 days after filing your annual updating amendment to apply for SEC
registration, and you may continue doing business as a private fund adviser
during this time. You must submit your final report as an exempt reporting
adviser and apply for SEC registration in the same filing. Unless you qualify
for another exemption, you would violate the Advisers Act’s registration
requirement if you accept a client that is not a private fund during this
transition period before the SEC approves your application for registration,
and you must comply with all SEC reporting requirements applicable to an
exempt reporting adviser as such during this 90-day transition period. If you
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