SEC Re-proposes Changes To Form ADV Part II

February 13, 2008

The SEC voted unanimously today to propose changes to Form ADV Part II. The action follows a similar set of proposals in 2000 that were never adopted. The changes would require a registered investment adviser to:

• Rewrite its Form ADV Part II (which would be renamed "Part 2") as a narrative brochure and drafted in "plain English";

• Address specific additional disclosure requirements, including with respect to the adviser's business, services, conflicts of interest, and disciplinary history; and

• Submit the new brochure to the SEC electronically, which would also make the brochure publicly available through the SEC's website.