The Securities and Exchange Commission (SEC) recently amended Form ADV to require investment advisers to disclose more information about their separately managed account business, aggregate data related to the use of borrowings and derivatives, and disclose information about other aspects of their advisory business, including branch office operations and the use of social media. The amendments also streamline registration and reporting for “umbrella registrations” made by groups of private fund advisers operating a single advisory business.

The SEC also adopted amendments to the books and records requirements under the Investment Advisers Act of 1940 (the “Advisers Act”) to require advisers to maintain additional records related to the calculation and distribution of performance information.