Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, March 4, 2008

SEC Reproposes Amendments to Form ADV

The SEC is reproposing amendments to Part 2 of Form ADV, and related rules under the Investment Advisers Act, to require registered investment advisers to deliver to clients and prospective clients a brochure written in plain English. These amendments are designed to require advisers to provide clients and prospective clients with clear, current, and more meaningful disclosure of the business practices, conflicts of interest (including those related to soft dollar practices), and background of investment advisers and their advisory personnel. Advisers would file their brochures with the SEC electronically, and it would make them available to the public through the SEC Web site. The Commission also is proposing to withdraw, as duplicative, the Advisers Act rule requiring advisers to disclose certain disciplinary and financial information.

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