Holland & Knight – Last year the SEC adopted a new online Plain English Form ADV Part 2 and a Form ADV Supplement effective this year.  The new filing and delivery rules accompanying each new form are outlined below:

IF you are SEC registered:  You MUST FILE ELECTRONICALLY and DELIVER to new and prospective clients a NEW FORMAT Form ADV Part 2 by March 31^*.

You MUST DELIVER the new format Form ADV Part 2 to existing clients by May 31.

You MUST DELIVER (not file) a new Form ADV Supplement containing employee information to new and prospective clients by July 31.

You MUST DELIVER (not file) the new Form ADV Supplement containing employee information to existing clients by September 30.

FOR 2011 NEW REGISTRANTS: You MUST deliver the Form ADV Supplement to new and prospective clients by May 1 and to existing clients by July 1.

Going forward there are ANNUAL and INTERIM filing and delivery requirements.

IF you are a STATE REGISTERED Adviser, please check with us or your home state regarding transition to the new Form ADV Part 2.

^*Assuming December 31 fiscal year end.  This filing will accompany your annual online amendment to Form ADV Part 1, which is filed but not delivered.  Form ADV Part 1 amendments have been proposed but not yet adopted.

Note:  This is a very brief summary intended to highlight aspects of rules that are very fact dependent.  Please contact Scott MacLeod at 407-244-5239 or scott.macleod@hklaw.com; Jay Crenshaw at 407-244-1154 or jay.crenshaw@hklaw.com; Christopher McHugh at 617-854-1475 orchristopher.mchugh@hklaw.com; or Amy Rigdon at 407-244-1105 or amy.rigdon@hklaw.com to discuss specific questions.