The term "Exempt Reporting Adviser" creates a common misunderstanding. The exemption applies to full SEC registration, not to filing obligations. ERAs must file Form ADV, report fund details on Schedule D, and meet ongoing amendment deadlines. ERA status is a lighter compliance path, not a compliance-free one.
What ERAs File
ERAs complete a subset of Form ADV Part 1A, covering identifying information, business activities, control persons, and disciplinary history. Each fund you advise is reported on Schedule D with details on assets, investors, and service providers.
ERAs do not complete the client brochure (Part 2) or Form CRS (Part 3) that fully registered investment advisers must file and deliver to clients.
What the Exemption Covers
ERA status exempts you from full SEC registration and the compliance obligations that come with it. You are not subject to custody rule examinations, mandatory written compliance policies, Form ADV Part 2 brochure delivery requirements, or periodic SEC examinations.
Filing Deadlines
The reporting obligations are ongoing and carry specific deadlines. Your initial Form ADV filing is due within 60 days of your first securities sale. Annual amendments must be filed within 90 days of your fiscal year end. Other-than-annual amendments are required when material information changes.
For a detailed walkthrough of ERA filing requirements and deadlines, see Form ADV for Private Fund Managers: The Complete ERA Filing Guide and Form ADV Deadlines for Private Fund Managers.
How Capital Company Helps
Capital Company prepares and files Form D, blue sky filings, and Form ADV for funds on the platform. Schedule a demo to learn more.
This content is for informational purposes only and does not constitute legal, tax, or compliance advice. Consult qualified counsel for guidance specific to your situation. Capital Company is not a law firm and does not provide legal advice.