When we say broker-dealers & investment advisers have to renew registration every year, does that also mean they have to update Form BD/ADV? If not, how often do those have to be updated?
1 Like
Renewing registration primarily means paying a registration fee. Anytime a person’s information changes in a material manner (e.g., changing locations, names, business structure), they are obligated to update the appropriate form and regulator promptly. They shouldn’t wait until registration renewal to do so. Of course, if a change happens to coincide with the renewal process, it may happen at the same time.
1 Like