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SEC adopts new disclosure and recordkeeping requirements for investment advisers

SEC adopts new disclosure and recordkeeping requirements for investment advisers To alert investment advisers to changes to be implemented to the Securities and Exchange Commission’s (SEC’s) Form ADV requirements as of October 1, 2017. Form ADV is the SEC’s principal investment adviser registration form.Design/methodology/approachExplains new public disclosure reporting requirements for investment adviser separately managed accounts (SMA) businesses, assesses the new “umbrella registration rules” that will govern how related advisers are treated by Form ADV, outlines key changes to Form ADV on a provision-by-provision basis, summarizes various other technical additions to Form ADV, and examines new performance reporting record-keeping requirements.FindingsThe Form ADV amendments are significant. Investment advisers should be preparing for compliance ahead of the October 2017 compliance date. Information retrieval processes will need to be reviewed and tested against the new disclosure rules. Firms will want to coordinate with their clients to minimize surprises when client data (albeit on an aggregated basis) is made public. Firms that operate under umbrella registrations should check their eligibility against the new rules.Originality/valuePractical and informative guidance from experienced investment adviser attorneys that consolidates the key provisions of which investment advisers should be aware under new SEC disclosure and recordkeeping requirements. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Investment Compliance Emerald Publishing

SEC adopts new disclosure and recordkeeping requirements for investment advisers

Journal of Investment Compliance , Volume 18 (1): 6 – May 2, 2017

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Publisher
Emerald Publishing
Copyright
© 2016 Shearman
ISSN
1528-5812
DOI
10.1108/joic-02-2017-0011
Publisher site
See Article on Publisher Site

Abstract

To alert investment advisers to changes to be implemented to the Securities and Exchange Commission’s (SEC’s) Form ADV requirements as of October 1, 2017. Form ADV is the SEC’s principal investment adviser registration form.Design/methodology/approachExplains new public disclosure reporting requirements for investment adviser separately managed accounts (SMA) businesses, assesses the new “umbrella registration rules” that will govern how related advisers are treated by Form ADV, outlines key changes to Form ADV on a provision-by-provision basis, summarizes various other technical additions to Form ADV, and examines new performance reporting record-keeping requirements.FindingsThe Form ADV amendments are significant. Investment advisers should be preparing for compliance ahead of the October 2017 compliance date. Information retrieval processes will need to be reviewed and tested against the new disclosure rules. Firms will want to coordinate with their clients to minimize surprises when client data (albeit on an aggregated basis) is made public. Firms that operate under umbrella registrations should check their eligibility against the new rules.Originality/valuePractical and informative guidance from experienced investment adviser attorneys that consolidates the key provisions of which investment advisers should be aware under new SEC disclosure and recordkeeping requirements.

Journal

Journal of Investment ComplianceEmerald Publishing

Published: May 2, 2017

Keywords: Form ADV; Umbrella registration; US Securities and Exchange Commission (SEC); Investment Advisers Act of 1940 (Advisers Act); Registered investment advisers (RIA); Separately managed accounts (SMA)

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