IAR Personal and Business Update Instructions


XYPN Invest IAR Personal, Business, and other Formal Updates

(completed within the Hadrius system)


If you or your business change an address, phone number, or have one of the many changes that warrant a U4 filing (regulatory finding, legal or civil action against you) this needs to be documented both internally and often also filed with the SEC. As there are quite a number of things that can change about you and your business that warrant formal compliance documentation some have their own specific Disclosure forms associated with them, the currently available forms are:

  1. Political Donation Disclosure
  2. Gift & Entertainment Disclosure (both giving and receiving)
  3. Outside Activities (businesses, board positions, civic organizations, etc.)
  4. Business Websites
  5. Social Media Platform Disclosure
  6. Misc. Conflict Disclosure
  7. Technology Request Documentation

Despite this list, the specific things that warrant a U4 or ADV-2b update are so varied that they fall under the catch-all form: U4/ADV-2b Update Request. There are two basic types of things that you report, the first are the “bad” ones that almost ALL have a notification (to us, your RIA) and filing (to the SEC from us) requirement both within 30 calendar days of your becoming aware of them. These notifications can cascade to requiring an ADV-2a update for XYPN Invest as well.

  • Regulatory Discipline

You are notified or expect to be notified you are being charged with, investigated for, or have been found liable for a regulatory violations, suspected violations, or settled/resolved such issues by payment of a fine or acceptance of a disciplinary action.

  • Regulatory Disclosure

You are notified or expect to be notified of a civil action, criminal charges or conviction, criminal arrest, or notification by a regulatory agency of judgement or required disclosure.

  • Financial Disclosure

You are notified or expect to be notified or file of a lien, bankruptcy filing or discharge, garnishment, judgement, or compromise with creditors. These are all considered by the SEC to be reportable incidents; it doesn’t mean that they will necessarily end up on an ADV or on a public U4, but they need to be actively communicated and documented internally by compliance and there is a time.

In addition to the notification on the front end, conclusion of these also require notification. If you have a charge brought against you that is ultimately dismissed, both notification of the charge as well as of the dismissal are each required within the 30 days.

There are also the happy or neutral disclosures that we are required to update both internally as well as on your U4 information and potentially your ADV-2b.

  • Education or Designation Completion

You worked hard for that degree or designation, make sure that it is documented appropriately. Not only is it nice to have the recognition, it is actually a requirement by the SEC to disclose this information to the public as it has bearing on your ability and competence as an IAR.

  • Personal or Business Address Update

Address updates for where you conduct business are required on the firm’s ADV filing, even if it is a private residence and will not be visible to the public (part 1 of the ADV has sections that are only visible to regulators and the firm itself). Your personal address must be accurate and up to date on your U4 (not visible to the public). Both can trigger notice filing requirements for the firm or for you as an IAR of the firm so we need to be aware of these changes as soon as possible (before they happen).

  • Other Change

This is a mostly “catch all” of changes that can warrant an update that are either less common or we haven’t run into yet. If you have a fax line or a separate business phone number, we need to keep these up to date on your U4. Your personal contact information also needs to be up to date on your U4 if the SEC needs to contact you.

  • Etc.

The last line of defense. Maybe something else happened and you want to let us know formally because you aren’t exactly sure if you need to and can’t get someone on a call/Zoom to find out. This option lets you add really anything you believe to be pertinent in a formal documentation manner to be as proactive and above-board as possible.

Both the “other” and the “etc.” categories likely don’t have a time component to your or our disclosure of that information and may only be needed internally to have documentation, but proactivity is always appreciated both by us on the compliance team as well as the regulators looking on it favorably.