SEC Adopts Rules to Enhance Information Reporting by Investment Advisers

On August 25, 2016, the U.S. Securities and Exchange Commission (the "SEC") adopted several amendments to the Investment Advisers Act of 1940 and to Form ADV to enhance the reporting and disclosure of information by investment advisers. The amendments become effective on October 1, 2017. The new Form ADV will require advisers to aggregate information about their separately managed accounts and disclose additional information for relying advisers. The SEC also adopted various amendments to SEC Rule 204-2 related to making and keeping records regarding performance calculations and rates of return communicated in writing by advisers to any person, as well as certain other technical amendments. Any initial Form ADV filing or amendment to an existing Form ADV that is filed on or after October 1, 2017 will be required to comply with the new Form ADV.

If you have questions about this Alert, please contact Daniel G. Viola at 212.573.8038 or dviola@sglawyers.com.

To read the SEC Press Release: https://www.sec.gov/news/pressrelease/2016-168.html

To real the SEC Final Rule - Form ADV and Investment Advisers Act Rules https://www.sec.gov/rules/final/2016/ia-4509.pdf

To read Sadis & Goldberg's previous alert from May 29, 2015, please click on the link below: http://www.sglawyers.com/wp-content/uploads/2015/05/00280507.pdf?lbisphpreq=1

Cheryl Spratt