The Investment Advisers Act of 1940 (the "Advisers Act") is the shortest of the federal securities laws enacted after the Great Depression, and the SEC has historically adopted relatively few regulations under the Advisers Act. As any compliance officer knows, however, the Advisers Act and its related regulations are not the only basis upon which an investment adviser should be making its compliance decisions. In short, compliance with the Advisers Act is subject to the periodic interpretation of the SEC and its staff and can be complex.
With that in mind, Morrison Foerster has created a handbook designed to provide a simple reference guide that includes the basis for certain key "rules" applicable to an investment adviser's business - even when they aren't really rules. In addition, it provides an overview of proposed Advisers Act rules and rule amendments that the SEC is currently considering for adoption. It is not an exhaustive compendium of regulatory guidance, but rather a compliance index of sorts - designed for the compliance practitioner.
Access our 2023 Investment Adviser Compliance Index.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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