Due Diligence

State Regulators Oppose New Form ADV Part 2

NASAA sent a letter to the SEC Tuesday urging it to reject the creation of a new form ADV Part II for SEC-registered investment advisers only. Last week the state regulatory group was informed by SEC staff that they would be recommending adoption of such a change to the Commission at an upcoming open meeting on July 21. But NASAA says having two different Form ADV Part IIs would hurt investors and investment advisers and undermine regulatory cooperation.

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