About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GAO-10-1017R 1 (2010-08-25)

handle is hein.gao/gaobadxcf0001 and id is 1 raw text is: im T I IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-320411 August 25, 2010 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Amendments to Form ADV Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission), entitled: Amendments to Form ADV (RIN: 3235-AI17). We received the rule on July 29, 2010. It was published in the Federal Register as a final rule on August 12, 2010. 75 Fed. Reg. 49,234. The final rule amends Part 2 of Form ADV and related rules under the Investment Advisers Act, 15 U.S.C. § 80b, to require investment advisers to provide new and prospective clients with a brochure and brochure supplements written in plain English. The revised Part 2 requirements include two subparts, Part 2A and Part 2B. Part 2A contains 18 disclosure items about the advisory firm that must be included in an adviser's brochure. Part 2B relates to the brochure supplement, which must include information about certain advisory personnel on whom clients rely for investment advice. As stated in the final rule, the amendments are designed to provide new and prospective advisory clients with clearly written, meaningful, current disclosure of the business practices, conflicts of interest and background of the investment adviser and its advisory personnel. Advisers must file their brochures with the Commission, and the Commission will make them available to the public through its Web site. The final rule is effective on October 12, 2010. GAO-10-1017R

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most