Compliance Solutions for Investment Advisers

Top 4 Regulatory Filing Deficiencies

As stated in the recent SEC Risk Alert, the 4 most frequent regulatory filing issues identified in examinations of investment advisers are as follows:

  1. Inaccurate disclosures. The SEC staff observed that certain advisers made inaccurate disclosures on Form ADV Part 1A or in Form ADV Part 2A brochures, such as inaccurately reporting custody information, regulatory assets under management, disciplinary history, types of clients and conflicts.
  2. Untimely amendments to Form ADVs. The SEC staff observed that certain advisers did not promptly amend their Form ADVs when certain information became inaccurate or timely file their annual updating amendments.
  3. Incorrect and untimely Form PF filings. The SEC staff observed that certain advisers with an obligation to file Form PF did not complete the form accurately or completely.
  4. Incorrect and untimely Form D filings. The SEC staff observed that certain advisers did not accurately complete and timely file Form Ds on behalf of their private fund clients.
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