Clifford Chance

SEC Amendments to Form ADV and the “Books and Records” Rule under the Advisers Act

14 September 2016

On August 25, 2016, the U.S. Securities and Exchange Commission adopted amendments to Form ADV and Rule 204-2 promulgated under the U.S. Investment Advisers Act of 1940, as amended. Originally proposed by the SEC on May 20, 2015, the Amendments make notable changes to the information required to be disclosed on Form ADV as well as expand advisers’ recordkeeping requirements. In its adopting release, the SEC refines the concept of “umbrella registration” by a family of advisers, increases disclosure requirements in respect of advisers’ separately managed account businesses, requires more information on the identity of certain third-party service providers, and instructs registered investment advisers to keep more records of communications and other written material that contain performance information. Compliance with the Amendments will be required on October 1, 2017.

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