Exempt Reporting Adviser Q&A

March 26, 2012

The staff of the Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) recently supplemented its “Frequently Asked Questions on Form ADV and IARD” (FAQ) webpage to provide additional guidance for exempt reporting advisers (ERAs) under section 203(l) and 203(m) of the Investment Advisers Act . The new FAQ addresses reporting by an ERA on Form ADV on behalf of special purpose entities (SPEs) that oversee an ERA’s investment advisory services.

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