Investment advisers face compliance deadline for new plain English brochure requirements

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Clients of investment advisers will now receive more (and more readable) information in the form of an an expanded disclosure document about their adviser and its business practices. On July 28, 2010, the United States Securities and Exchange Commission changed the format of the required “brochure” that advisers must deliver (or make available) annually to their clients. This brochure for decades has been a “check the box” type of form that asked questions in obscure terminology. The SEC changed the form (known in the industry as the “ADV Part 2”) to a “plain English” model requiring narrative responses to questions that were designed to be more clear, concise and easily understandable. Among the areas of expanded disclosure covered by this short Alert are the new Part 2's focus on certain disclosures that were not specifically required under the former regulatory framework, and the deadlines for compliance with the new brochure rule, including the February 28, 2011 deadline for Indiana investment advisers under the rules of the Indiana Securities Division.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Mark Barnes | Attorney Advertising

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