On March 5, 2021, the U.S. Securities and Exchange Commission (“SEC”) added three new questions and answers to its website page with Frequently Asked Questions (“FAQs”) on the Form CRS/Form ADV Part 3 for SEC registered investment adviser serving retail investors. The first new Q&A addresses situations in which an investment adviser or broker dealer with a Form CRS/Form ADV Part 3 filing obligation is dually registered or affiliated with a firm that does not have a Form ADV Part 3/Form CRS filing obligation. The second and third Q&A clarify when and how an SEC-registered investment adviser or broker dealer must file and disseminate the Form ADV Part 3/Form CRS (also referred to as a “relationship summary”) if material and/or nonmaterial changes have occurred.
November 10, 2020
On October 26, 2020, the United States Securities and Exchange Commission (“SEC”) hosted an online roundtable discussion on Regulation Best Interest and Form CRS, with contributions from senior staff at the SEC and the Financial Industry Regulatory Authority (“FINRA”). Divided into two panels, the online roundtable focused on issues and observations made by SEC and FINRA staff (referred to collectively here as “the staff”) regarding Regulation Best Interest and Form CRS. To view the archived webcast, click here.
June 20, 2020
June 11, 2019
On June 5, 2019 the U.S. Securities and Exchange Commission (SEC) voted on and approved a CRS Relationship Summary also known as the ADV Part 3. The ADV Part 3 is designed to be a short and accessible disclosure for retail investors that helps them compare information about firms’ investment advisory offerings. The relationship summary is intended to inform retail investors about:
On June 5, 2019 the U.S. Securities and Exchange Commission (SEC) voted on and approved four rules relating to the proposed standards of conduct rulemaking package that was originally proposed in April 2018. The approved rulemaking package includes: