Investment Adviser Compliance Index

The Investment Advisers Act of 1940 (the “Advisers Act”) is a relatively compact statute, and for many years the Securities and Exchange Commission (SEC) adopted relatively few regulations specifically targeting Advisers Act compliance. This has changed quite dramatically in recent years, as registered advisers and even firms relying on registration exemptions are increasingly subject to highly specific and at times complex rules, interpretations and other guidance issued by the SEC and its Staff in the Division of Investment Management (IM) and the Division of Exams (EXAMS).

With an expanding set regulatory rules, interpretations, and guidance it can be a challenge to put your finger on the statutory, regulatory, or interpretive guidance that provides the basis for a particular compliance policy or procedure when you need it most. With that in mind, this short form handbook is designed to provide a simple reference guide of Topics and Tools that we have found frequently arise in our practice, and points to the basis for certain key “rules” applicable to an investment adviser’s business—even when they aren’t really rules.

We offer this as a compliance tool designed for the day-to-day compliance and legal practitioner familiar with this space. We also offer the usual caution that facts and circumstances can dictate different approaches, and that, accordingly, users of this tool should consult with specialized Advisers Act counsel for specific legal guidance.

Access our 2024 Investment Adviser Compliance Index.

About MoFo’s Investment Management Practice

At Morrison Foerster, we are deeply familiar with the regulatory concerns of asset managers, and we are uniquely positioned to help them handle those issues. Lawyers in our Investment Management group offer our clients a distinct combination of private firm, government, and in house experience with a wide variety of products. We have excellent relationships with regulators, and we work closely with them, and our colleagues, across a broad spectrum of financial services practices to deliver comprehensive solutions for diversified businesses.