On August 25, 2016, the U.S. Securities and Exchange Commission (SEC) issued its final rule adopting amendments to Form ADV and other SEC rules. The amendments to Form ADV are designed to provide additional information regarding advisers (including information about separately managed accounts) and establish a method for private fund adviser entities operating a single advisory business to register using an "umbrella" Form ADV. The final rule also adopts amendments to the "books and records" rule under the Investment Advisers Act of 1940 (Advisers Act). In particular, the SEC adopted two amendments to the Advisers Act books and records rule (Rule 204-2) that requires advisers to maintain (i) additional materials related to performance information and (ii) copies of certain written communications received and sent by investment advisers. Finally, the final rule includes certain other clarifying technical amendments to certain Form ADV items and instructions, and removes certain transition provisions that are no longer necessary. Interestingly, although a number of comment letters encouraged the SEC to permit umbrella registration for non-U.S. filing advisers, the final rule retains the condition for umbrella registration that the filing adviser have its principal place of business in the United States. For the full text of the final rule, click here.