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SEC Adopts New Brochure Requirement for Registered Advisers

The Securities and Exchange Commission (SEC) has adopted long-awaited amendments to Part 2 of Form ADV and related rules under the Investment Advisers Act of 1940, as amended (the Advisers Act), which significantly alter the disclosures that registered investment advisers (Advisers) must provide to clients and prospective clients (clients). These new rules will effectively replace the check the box disclosures that Advisers currently make in Part 2 of Form ADV with a narrative brochure describing the Advisers business practices, strategies and conflicts of interests.

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