SEC Adopts Amendments That Overhaul Form ADV Part 2


The Securities and Exchange Commission (SEC) has adopted amendments to Form ADV Part 2 and related rules (Amendments). Investment advisers use Form ADV to register with the SEC and with state securities regulators.

The amended Form ADV Part 2 (previously known as Part II), which will be used by advisers to satisfy their disclosure obligations to clients pursuant to Rule 204-3 under the Investment Advisers Act of 1940, as amended (the Act), consists of two sub-parts: a “brochure” (Part 2A) and one or more “brochure supplements” (Part 2B). The brochure will include information about the adviser and its business and will be filed with the SEC electronically on the Investment Adviser Registration Depository (IARD) system. The brochure supplement, which is a brief disclosure document about certain personnel of the adviser who provide investment advice, will be provided to clients to whom such persons provide such advice, but will not be filed.

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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.

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