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SEC issues final rule for investment advisers

  • SEC document Image

Aug 25, 2016

The SEC has issued a final rule, “Form ADV and Investment Advisers Act Rules,” to improve the reporting and disclosure requirements for investment advisers.

Specifically, the final rule amends:

  • Form ADV to (1) require investment advisers to disclose additional information (e.g., about their “separately managed account business”), (2) include an approach under which “private fund adviser entities operating a single advisory business” can use a single Form ADV to register, and (3) make certain technical corrections to “Form ADV items and instructions.”
  • The Investment Advisers Act to (1) require advisers to maintain records of performance-related calculations and communications and (2) “remove transition provisions that are no longer necessary.”

The rule is effective 60 days after the date of its publication in the Federal Register, and advisers will need to begin complying with the amendments on October 1, 2017. For more information, see the press release and final rule on the SEC’s Web site.

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