Plain English Please — Adviser Brochure Rules

Law360, New York (October 12, 2010, 5:31 PM EDT) -- U.S. Securities and Exchange Commission- and state-registered investment advisers will soon be required to disclose their qualifications, investment strategies and practices, conflicts, compensation, business activities and disciplinary history in a detailed narrative as part of revised Form ADV Part 2 — the “brochure” — pursuant to the new brochure rule.

The SEC adopted the rule with its new, broader disclosures in an attempt to make investment advisers’ services more “transparent.” The questions remain: Will these disclosures benefit investors? Will they merely impose purposeless and unnecessary costs...
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