On July 24, the Securities and Exchange Commission staff announced that it will send to newly registered advisers a “welcome letter” along with a plain language summary of the key provisions of the Investment Advisers Act. The welcome letter identifies the SEC’s local office, provides information on the resources available on the SEC’s website, and describes the SEC’s CCOutreach Program which is designed to assist chief compliance officers in fulfilling their responsibilities. The summary of key Advisers Act provisions is intended to assist registered advisers in understanding their fiduciary duties and reporting and recordkeeping requirements.

The SEC’s welcome letter is being sent primarily by email, to investment advisers who have registered during the last two years.