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The SEC voted yesterday to adopt changes to Part 2 of Form ADV, the official disclosure document for investment advisers. The new Form, which must be filed for the first time by most current advisers by March 31, 2011, is very similar in structure to the brochure style of current Schedule H. Highlights of the changes include:
- New Form ADV, Part 2 will be a narrative, plain English brochure describing an adviser's business and management style
- New content requirements include enhanced disclosure of any performance-based fees and side-by-side management
- Disciplinary information on the adviser or its management personnel must be disclosed
- Brochure supplements must be delivered to clients and prospects that describe the experience, education, and background of key management personnel, including contact information for supervisors
- New Form ADV, Part 2 must be filed online via IARD and will be publically available
The new Form will be available on the SEC website 60 days after publication in the Federal Register.
Learn about FrontLine's Registration and Filings Services
View SEC press release (7/21/10)
FrontLine Compliance, LLC is a regulatory compliance consulting firm of former high-level regulatory insiders offering customized services to broker-dealers, investment advisers, investment companies, hedge funds, and insurance company affiliates. Staffed by former SEC and FINRA regulators, and chief compliance officers, FrontLine Compliance provides the kind of industry knowledge, experience and expertise on regulatory issues only available from well-seasoned insiders. For more information about the firm, please visit www.frontlinecompliance.com.
FrontLine Compliance, LLC
phone: 888-518-8070
email: info@frontlinecompliance.com
www.frontlinecompliance.com
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