A New Part 2: Amendments to Form ADV Bring Significant Changes to Investment Adviser Registration and Disclosure Requirements

September 01, 2010
The Securities and Exchange Commission recently adopted long-anticipated amendments to Part 2 of Form ADV, the registration form for investment advisers, and certain related rules under the Investment Advisers Act of 1940, as amended. The amendments will require almost every registered investment adviser to prepare, file with the SEC, and distribute to existing and prospective clients a narrative-style brochure and brochure supplements containing information about the business practices, conflicts of interest, and background of the investment adviser and its advisory personnel. This update examines the form, content, filing, and delivery requirements of the new Form ADV Part 2 as well as the compliance dates and choices available during the transition period between the effective and compliance dates.