SEC Extends Compliance Date for Delivery Of Brochure Supplements Under Form ADV

The Securities and Exchange Commission, in response to concerns raised by the Securities Industry and Financial Markets Association and others, Dec. 28 extended the compliance date by which certain investment advisers must distribute brochure supplements describing their advisory personnel.

The supplements are part of new requirements adopted by the SEC in July 2010 to Form ADV, Part 2 under the 1940 Investment Advisers Act (139 DER EE-12, 7/22/10). The amendments, under a new Part 2A, require advisers to give clients uniform and consistent narrative brochures in plain English describing their fees, compensation structures, and other matters. Under Part ...