ADV Filings for Exempt Reporting Advisers
Although many advisers to private funds will be required to register as a result of the Dodd-Frank Act, some will be exempted from registration. The SEC refers to these advisers as exempt reporting advisers. Even though exempt reporting advisers are not required to register with the SEC, they are subject to strict reporting, recordkeeping, and other compliance obligations.
Exempt reporting advisers include:
- Advisers solely to venture capital funds
- Advisers solely to private funds with less than $150 million in assets under management in the U.S.
Although exempt reporting advisers file the same Form ADV as registered investment advisers, they only need to respond to certain items and questions. RIA Compliance Group can help exempt reporting advisers with their initial and annual Form ADV filings and the preparation of privacy policies and procedures.
SEC Press Releases
Press Releases
SEC Risk Alert Gives Guidance on How RIAs Can Comply with Regulation S-ID
On December 5, 2022, the Division of Examinations (Division) published a Risk Alert that reported observations from recent examinations of SEC-registered investment advisers (RIAs) and broker-dealers related to their compliance with Regulation S-ID. The goal of the...
NASAA Statistics Show RIAs They Need to Improve their Compliance Programs
Recently the North American Securities Administrators Association (NASAA) released its annual Enforcement Report. The publication highlighted the investigations and enforcement actions taken by state securities regulators to protect investors and maintain the...
RIAs Should Plan for the Mental Incapacity of Principals and IARs
Most investment advisers are aware of the obligations they owe to clients who are experiencing cognitive decline. Typically, Registered Investment Advisers (RIAs) implement policies and procedures that articulate how Investment Adviser Representatives should handle...
SEC Announces Its 2019 Examination Priorities
The SEC's Office of Compliance Inspections and Examinations (OCIE) publishes annually its examination priorities to promote transparency and provide insights into the areas it believes pose a heightened risk to investors or to the integrity of the U.S. capital...
SEC NEWS
Division of Investment Management News
SEC Takes Action Against Adviser for Defrauding Retirees and Investors Nearing Retirement
On December 19, 2019, the SEC filed a complaint in federal court against a Sacramento, California-based investment advisory firm and its owner. The complaint alleged that the Registered Investment Adviser (RIA) and its owner defrauded hundreds of retail clients, most...
New SEC Risk Alert Identifies Most Frequent Advertising Rule Compliance Issues
On September 14, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert, which revealed the most frequent advertising rule compliance issues identified in OCIE examinations of Registered Investment Advisers (“RIAs”). OCIE’s...
The Five Most Frequent Compliance Topics Identified During RIA Exams
The SEC’s Office of Compliance Inspections and Examinations (OCIE) publishes a list of the five compliance topics most frequently identified in deficiency letters sent to SEC-registered investment advisers.