Internet Based Filings, Disclosure, and Public Database Search Effective January 2001
On September 12, 2000 the SEC adopted new rules that creat electronic filing requirements for investment advisors. Beginning in January 2001, advisers registered with the Commission will submit their registration forms (and other filings) electronically through the “IARD” the Investment Adviser Registration Depository.
The IARD is a web-based filing system that will permit advisers to make filings with the SEC and state regulators electronically from personal computers in their offices. Information advisers file through the IARD will form a database on investment advisers that will be available free of charge to investors through the Internet.
Investors will be able to search the database to get current information about advisers, including the services they provide, fees they charge, their conflicts of interest and disciplinary history (if any).
The Commission also voted to update Form ADV, the investment adviser registration form. The Commission decided to defer further action on its proposal to amend the requirements for the brochures that all advisers are required to provide to clients. The rules and rule amendments take effect on October 10, 2000.
The SEC’s press release
The SEC fact sheet on the IARD system and the amendments to Form ADV
Release No. IA-1897 (rules regarding electronic filing for investment advisers)
Updated Form ADV and related forms
IARD Information Site
Investment Advisor’s Act
Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.