Aggregated News From Investment Management Regulators

Despite COVID-19 Challenges, No Extension of Form CRS Compliance Date for Investment Advisers

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In an effort to provide retail investors clarity regarding their relationships with their investment advisers and the supervised persons of those investment advisers, the Securities and Exchange Commission (SEC) adopted new rules which require investment advisers that are registered with the SEC to provide a relationship summary pursuant to Form CRS and rule 204-5 under the Investment Advisers Act of 1940, if they have retail investors. A retail investor is a natural person, or the legal representative of such natural person, who receives or seeks to receive investment advisory services primarily for personal, family or household purposes. Investment advisers’ relationship summaries are required to be filed electronically through the Investment Adviser Registration Depository (IARD), posted on the advisers’ websites (where such websites exist) and delivered to the advisers’ retail investors. A new part 3 of Form ADV describes the requirements of the relationship summary. For additional information regarding Form CRS and related requirements see the SEC’s final rule.

Read the full article from Pillsbury Winthrop here: https://www.pillsburylaw.com/en/news-and-insights/form-crs-compliance.html

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