On March 4, 2008, the U.S. Securities and Exchange Commission ("SEC") issued a Release proposing amendments to Form ADV, and related rules under the Investment Advisers Act of 1940 ("Advisers Act"), which would, if adopted, require a registered investment adviser to deliver to most clients and prospective clients a clear, current and more meaningful disclosure brochure (and, for certain clients, brochure supplements) written in plain English. This new brochure would be required by proposed Part 2A of Form ADV. A brochure supplement would be required in certain cases by proposed Part 2B of Form ADV. A sponsor of a wrap fee program also would continue to be required to provide a separate wrap fee program brochure pursuant to proposed Appendix 1 to Part 2A of Form ADV.
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SEC proposes amendments to Form ADV
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