Investment advisers registered with the Securities and Exchange Commission (SEC) (each, an RIA) are subject to certain annual requirements under the Investment Advisers Act of 1940 (the Advisers Act); some of these requirements also either apply to exempt reporting advisers (each, an ERA) or warrant consideration as best practices for ERAs. This Sidley Update reminds investment advisers about certain annual regulatory and compliance obligations, including a number of significant 2018 reporting or filing deadlines.
This Sidley Update also reminds advisers that are registered as commodity pool operators (CPOs) or commodity trading advisors (CTAs) with the Commodity Futures Trading Commission (CFTC) and members of the National Futures Association (NFA) of certain CFTC and NFA reporting requirements.
This Sidley Update provides important information regarding:
- selected recent regulatory developments that may affect an adviser’s filing obligations and compliance program, including changes to Form ADV and new recordkeeping requirements
- SEC guidance published in 2017 related to the Advisers Act “Custody Rule,” advertising restrictions and managing cybersecurity risks
- SEC examination priorities for 2018
- recent SEC enforcement proceedings that reflect SEC concerns relevant to advisers
This Sidley Update does not purport to be a comprehensive summary of all of the compliance obligations to which advisers are subject; please contact your Sidley lawyer to discuss these and other requirements under the Advisers Act, the Commodity Exchange Act and other regulations that may be applicable to investment advisers, CPOs and/or CTAs.1