SEC Adopts Changes to Form ADV to Provide More Effective Disclosure

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On July 21, the Securities and Exchange Commission voted unanimously to adopt changes to Form ADV, Part 2. Commonly referred to as the “brochure,” Form ADV, Part 2 is the principal disclosure document that SEC registered investment advisers must provide to their clients and prospective clients. Currently, Form ADV, Part 2 consists primarily of a “check-the-box” format, in which investment advisers respond to a series of multiple-choice and fill-in-the-blank questions that are designed to inform investors of advisers’ qualifications, investment strategies, and business practices. Unfortunately, the current format frequently does not correspond well to an adviser’s business.

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