{"concept_id":"ALTSS-REG-010","slug":"form-adv","canonical_name":"Form ADV","aliases":["ADV"],"kind":"document","authority":"regulatory","facets":["REG"],"domains":["LEGAL-REGULATORY-TAX","DATA-OSINT"],"display_title":"Form ADV","search_aliases":["what is form adv","form adv part 1 vs part 2","form adv private fund schedule d","how to read form adv","form adv annual amendment deadline","where to find form adv","regulatory assets under management"],"one_sentence_definition":"Form ADV is the form investment advisers use to register with the Securities and Exchange Commission (SEC) or US states, and exempt reporting advisers use to report; its public parts cover ownership, assets, clients, private funds, conflicts and disciplinary history.","plain_english":"Every SEC-registered adviser, and every adviser relying on the venture capital or private fund adviser exemption, files Form ADV and keeps it current. Part 1 is structured data; Part 2 is a plain-language brochure for clients. The SEC publishes the filings, which makes Form ADV one of the most useful public sources on private fund managers.","jurisdiction":"US","parent_concepts":["investment-advisers-act"],"child_concepts":[],"related_concepts":["registered-investment-advisor","exempt-reporting-adviser","form-pf","operational-due-diligence","assets-under-management","ddq","form-d","osint"],"comparison_concepts":[],"not_the_same_as":[{"slug":"form-pf","distinction":"Form PF is a confidential systemic-risk report filed by larger registered private fund advisers; Form ADV is public."},{"slug":"form-d","distinction":"Form D is filed by each issuer for each Regulation D offering; Form ADV is filed by the adviser."},{"slug":"form-13f","distinction":"Form 13F lists a manager's holdings of listed 13(f) securities; Form ADV describes the adviser and its business."}],"formula_ids":[],"worked_examples":[],"sections":[{"heading":"Jurisdiction and status","paragraphs":["Form ADV is prescribed under the [Investment Advisers Act of 1940](/glossary/investment-advisers-act). Filing is mandatory for SEC-registered advisers (Rule 203-1) and for [exempt reporting advisers](/glossary/exempt-reporting-adviser) (Rule 204-4). Filings are made electronically through the Investment Adviser Registration Depository (IARD) and published on the SEC's Investment Adviser Public Disclosure (IAPD) website. Every filer must file an annual updating amendment within 90 days after the end of its fiscal year; some items must also be updated promptly when they change."]},{"heading":"Structure of the form","paragraphs":["| Part | Content | Who completes it |\n|---|---|---|\n| Part 1A | Structured data: identity, ownership (Schedules A and B), regulatory assets under management, clients and services, custody, affiliations, disciplinary history, and private fund data (Schedule D) | Advisers registering with the SEC or a state (all items); exempt reporting advisers (a limited subset of items, or all items if they are also registering with a state) |\n| Part 1B | State registration information | State-registered advisers |\n| Part 2A (brochure) | Narrative: services, fees and compensation, performance-based fees, methods of analysis, conflicts of interest, disciplinary information | Registered advisers; delivered to clients |\n| Part 2B (brochure supplement) | Information on individual advisory personnel | Registered advisers |\n| Part 3 (Form CRS) | Relationship summary | SEC-registered advisers with retail investors (not exempt reporting advisers) |"]},{"heading":"Private fund reporting in Schedule D","paragraphs":["For each private fund it advises, an adviser reports in Schedule D, Section 7.B.(1): the fund's identity and type; whether it relies on the [3(c)(1)](/glossary/3-c-1-fund) or [3(c)(7)](/glossary/3-c-7-fund) exclusion; gross asset value; minimum investment; number of beneficial owners and the approximate share held by non-US persons and by funds of funds; its auditor, prime broker, custodian, [administrator](/glossary/fund-administrator) and marketers; and its Form D file number. Private fund assets for the private fund adviser exemption (Advisers Act section 203(m)) are also calculated according to Form ADV's instructions."]},{"heading":"Reading a Form ADV in due diligence","paragraphs":["LPs and [operational due diligence](/glossary/operational-due-diligence) teams use Form ADV to confirm registration status and history, ownership and control, affiliated advisers, service providers, disciplinary events, and the conflicts and fee practices described in Part 2A, and to reconcile these with the manager's [DDQ](/glossary/ddq).","Three cautions. First, regulatory assets under management (RAUM) is a defined gross measure (Part 1A Instruction 5.b: no deduction for indebtedness or accrued liabilities); for private funds it includes uncalled capital commitments, so it can differ substantially from the [AUM](/glossary/assets-under-management) a manager markets. Second, Part 1A is updated in full only once a year, within 90 days after fiscal year-end, and RAUM may be valued up to 90 days before the filing date, so the figures can be several months old. Third, an exempt reporting adviser's Form ADV has no brochure and omits many items, so absence of information is not evidence of absence."]},{"heading":"Legal definition and market usage","paragraphs":["Legally, Form ADV is one form with several parts. In LP practice \"the ADV\" often means the Part 2A brochure, while data teams usually mean Part 1A and Schedule D."]}],"classification_rules":[],"calculation_rules":[],"common_mistakes":["Assuming only registered advisers file Form ADV. Exempt reporting advisers file a limited version.","Comparing RAUM with marketed AUM without adjusting for gross assets and uncalled commitments.","Treating a missing brochure as a red flag for an exempt reporting adviser, which is not required to prepare one.","Relying on a Form ADV without checking the filing date against the adviser's fiscal year."],"edge_cases":["SEC-registered private fund advisers that operate as a single advisory business through several legal entities may, if the conditions in General Instruction 5 are met, file one Form ADV (umbrella registration) covering relying advisers. Umbrella registration is not available to exempt reporting advisers.","When several SEC-registered or exempt reporting advisers advise one private fund, only one reports it in full in Schedule D Section 7.B.(1); the others list it in Section 7.B.(2) with the reporting adviser's name, so the same fund can appear in several filings."],"external_standard_mappings":[],"source_ids":["SRC-US-ECFR-275-203M-1","SRC-US-ECFR-275-204-4","SRC-US-SEC-FORM-ADV","SRC-US-SEC-FORM-ADV-INSTR","SRC-US-SEC-FORM-ADV-PART-1A","SRC-US-SEC-IAPD"],"citations":[{"source_id":"SRC-US-SEC-FORM-ADV","pinpoint":"Form ADV cover, index and instructions","supports":"Mandatory for SEC-registered advisers and ERAs (Rules 203-1, 204-4); annual amendment within 90 days of fiscal year-end; parts and Schedule D content","source":{"source_id":"SRC-US-SEC-FORM-ADV","title":"Form ADV (Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers) - SEC form cover and index","publisher":"U.S. Securities and Exchange Commission","document_type":"form","url":"https://www.sec.gov/about/forms/formadv.pdf","publication_date":"OMB No. 3235-0049; expires 2027-07-31","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-ECFR-275-204-4","pinpoint":"17 CFR 275.204-4(a)–(d)","supports":"ERAs file reports on Form ADV electronically through IARD, operated by FINRA","source":{"source_id":"SRC-US-ECFR-275-204-4","title":"17 CFR 275.204-4 - Reporting by exempt reporting advisers","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/275.204-4","publication_date":"eCFR current as of 2026-09-29; no substantive amendment since eCFR baseline","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-SEC-IAPD","pinpoint":"Investment Adviser Public Disclosure","supports":"Public search of Form ADV filings","source":{"source_id":"SRC-US-SEC-IAPD","title":"Investment Adviser Public Disclosure (IAPD)","publisher":"U.S. Securities and Exchange Commission","document_type":"data","url":"https://adviserinfo.sec.gov/","publication_date":"Live database (accessed 2026-10-01)","jurisdiction":"US","status":"current","last_verified":"2026-10-01"}},{"source_id":"SRC-US-ECFR-275-203M-1","pinpoint":"17 CFR 275.203(m)-1(c)","supports":"Private fund assets calculated per Form ADV General Instruction 15","source":{"source_id":"SRC-US-ECFR-275-203M-1","title":"17 CFR 275.203(m)-1 - Private fund adviser exemption","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/275.203(m)-1","publication_date":"eCFR current as of 2026-09-29; last amended 2018-03-12","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-SEC-FORM-ADV-INSTR","pinpoint":"General Instructions 3 (organisation of Parts 1A, 1B, 2A, 2B, 3), 4 (annual and other-than-annual amendments), 5 (umbrella registration); Part 1A Instruction 5.b(1)-(4)","supports":"Content of each part and who completes it (ERAs: Part 1A Items 1, 2, 3, 6, 7, 10, 11 only; Parts 2A, 2B and 3 not required of ERAs; Part 1B only for state registration); amendment timing; umbrella registration conditions (not available to exempt reporting advisers); RAUM includes uncalled commitments, no deduction for indebtedness, valued within 90 days before filing","source":{"source_id":"SRC-US-SEC-FORM-ADV-INSTR","title":"Form ADV: General Instructions and Instructions for Part 1A","publisher":"U.S. Securities and Exchange Commission","document_type":"form","url":"https://www.sec.gov/about/forms/formadv-instructions.pdf","publication_date":"SEC 1707 (07-24)","jurisdiction":"US","status":"current","last_verified":"2026-10-01"}},{"source_id":"SRC-US-SEC-FORM-ADV-PART-1A","pinpoint":"Schedule D Sections 7.B.(1) and 7.B.(2)","supports":"Private fund data reported per fund; a fund reported in full by another adviser is listed in Section 7.B.(2)","source":{"source_id":"SRC-US-SEC-FORM-ADV-PART-1A","title":"Form ADV Part 1A (paper version) - Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers","publisher":"U.S. Securities and Exchange Commission","document_type":"form","url":"https://www.sec.gov/about/forms/formadv-part1a.pdf","publication_date":"SEC 1707 (07-24)","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}}],"faq":[{"q":"Where can Form ADV filings be found?","a":"On the SEC's Investment Adviser Public Disclosure (IAPD) website, which covers SEC-registered advisers, exempt reporting advisers and state-registered advisers."},{"q":"How often is Form ADV updated?","a":"At least annually, within 90 days after the adviser's fiscal year-end, and promptly for certain changes such as ownership, contact details or disciplinary information."}],"seo":{},"first_published":"2026-01-12","last_reviewed":"2026-10-02","last_modified":"2026-10-02","content_version":"2.0.0","url":"https://altss.com/glossary/form-adv","json_url":"https://altss.com/reference/concepts/form-adv.json","title":"Form ADV","formulas":[],"sources":[{"source_id":"SRC-US-ECFR-275-203M-1","title":"17 CFR 275.203(m)-1 - Private fund adviser exemption","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/275.203(m)-1","publication_date":"eCFR current as of 2026-09-29; last amended 2018-03-12","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-ECFR-275-204-4","title":"17 CFR 275.204-4 - Reporting by exempt reporting advisers","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/275.204-4","publication_date":"eCFR current as of 2026-09-29; no substantive amendment since eCFR baseline","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-SEC-FORM-ADV","title":"Form ADV (Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers) - SEC form cover and index","publisher":"U.S. Securities and Exchange Commission","document_type":"form","url":"https://www.sec.gov/about/forms/formadv.pdf","publication_date":"OMB No. 3235-0049; expires 2027-07-31","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-SEC-FORM-ADV-INSTR","title":"Form ADV: General Instructions and Instructions for Part 1A","publisher":"U.S. Securities and Exchange Commission","document_type":"form","url":"https://www.sec.gov/about/forms/formadv-instructions.pdf","publication_date":"SEC 1707 (07-24)","jurisdiction":"US","status":"current","last_verified":"2026-10-01"},{"source_id":"SRC-US-SEC-FORM-ADV-PART-1A","title":"Form ADV Part 1A (paper version) - Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers","publisher":"U.S. Securities and Exchange Commission","document_type":"form","url":"https://www.sec.gov/about/forms/formadv-part1a.pdf","publication_date":"SEC 1707 (07-24)","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-SEC-IAPD","title":"Investment Adviser Public Disclosure (IAPD)","publisher":"U.S. Securities and Exchange Commission","document_type":"data","url":"https://adviserinfo.sec.gov/","publication_date":"Live database (accessed 2026-10-01)","jurisdiction":"US","status":"current","last_verified":"2026-10-01"}]}