SEC Form ADV-W
What Is SEC Form ADV-W?
SEC Form ADV-W is utilized to withdraw registration as a registered investment adviser (RIA) with the Securities and Exchange Commission (SEC). This form is required under the Investment Advisers Act of 1940 and has several timetables that must be completed, listing the advisor's contact information, current business, and status of clientele. A statement of financial condition alongside a description of books and records is likewise required.
Grasping SEC Form ADV-W
SEC Form ADV-W is submitted when a RIA no longer wishes to keep up with their active license to practice as an investment adviser or is switching from federal to state registration. Advisers chasing after the last option course of action don't have to complete sections 1E through eight of the form.
SEC Form ADV-W is required under the Investment Advisers Act of 1940, a federal law that characterizes the job and obligations of an investment advisor. The act manages company organizations that take part in investing and trading and who offer their own securities to investors and was expected to limit irreconcilable circumstances.
Different forms connected with this filing incorporate Form ADV-R and ADV-S.
Partial Withdrawal versus Full Withdrawal
A RIA could file for partial withdrawal or full withdrawal. With a partial withdrawal, an adviser might cease to carry on with work in some, yet not all, of the wards where they are registered. A RIA would likewise file for partial withdrawal in the event that they were switching from state registration to SEC registration — or vice versa.
With a full withdrawal, then again, a RIA could withdraw from the purviews where they are all registered.
Information Required on SEC Form ADV-W
A RIA who wishes to deregister with the SEC must give all of the following information on Form ADV-W and its timetables:
- Name, CRD number, and other distinguishing information
- Status of Advisory Business, including the date they ceased to carry on with work and the justification for their withdrawal from business
- Money owed to clients
- Custody of client resources
- Advisory contracts, including whether they have been assigned and to whom
- Decisions and liens against the RIA
- Statement of financial condition
- Books and records, including the distinguishing information of people who will keep duplicates of the books and records and the location of those books and records
- Signature of the RIA
- Any extra information
Frequently, a RIA will look for the assistance of an attorney to finish up and file SEC Form ADV-W.
Record-Keeping Requirements subsequent to Filing SEC Form ADV-W
When Form ADV-W is filed, the de-registered advisor will have to keep up with their records in general and books for some period, for the most part around three to five years subsequent to filing. The exact time span relies upon the state in which the advisor was registered.
Features
- The form is filed with the SEC and records the advisor's contact information and current business status, including clientele subtleties.
- SEC Form ADV-W is submitted when a RIA no longer wishes to keep up with their active license to practice as an investment adviser.
- It is likewise utilized on the off chance that the adviser is switching from federal to state registration.
- The filing must likewise incorporate a statement of financial condition and a description of books and records.
