Since 1979, the SEC has required each registered investment adviser to deliver a written disclosure statement to clients pursuant to Rule 204‑3 under the Investment Advisers Act of 1940 (Advisers Act). Part 2A of Form ADV sets out minimum requirements for that disclosure statement, but in general, it requires advisers to disclose material facts; conflicts of interest; and risks to clients and investors. In addition to filing an initial Form ADV when advisers register, Rule 204‑1 under the Advisers Act requires them to amend their Forms ADV annually within 90 days of the end of their fiscal year. Therefore, an adviser whose fiscal year ended on December 31, 2021, is required to file the annual amendment to its Form ADV, Part 1 and Part 2A, no later than March 31, 2022. Over the years, Form ADV has been revised significantly, including through changes to the format of Part 2A and expansion of the scope of the information required in it. As a result, it is easy for private fund managers that are registered advisers to make mistakes on their Forms ADV, such as omitting required information or providing information that is inconsistent with other disclosures. Getting any part of Form ADV wrong can result in deficiency letters – and even enforcement actions. See “SEC Sanctions Adviser for Undisclosed Conflicts and Misleading Form ADV” (Jun. 3, 2021). A Washington, D.C., Compliance Round Table program addressed some common questions that arise when fund managers are completing their annual amendments to their Forms ADV, including some of the challenges posed by form amendments that took effect in 2017. Marina Baranovsky, principal owner of Scitus Consulting LLC, moderated the program, which featured Monique S. Botkin, associate general counsel of the Investment Adviser Association; and Dechert partner Michael L. Sherman and senior associate Christine Ayako Schleppegrell. This article highlights the panelists’ key takeaways for fund managers. For a tool to assist managers in completing Form ADV, Part 2A, see “A Checklist for Fund Managers to Ensure Form ADV, Part 2A Is Complete and Accurate” (May 6, 2021).