On August 25, 2016, the Securities and Exchange Commission
(SEC) adopted amendments to Form ADV that are designed to provide
additional information regarding advisers, including information
about their separately managed account business, incorporate a
method for private fund adviser entities operating a single
advisory business to register using a single Form ADV, and make
clarifying, technical and other amendments to certain Form ADV
items and instructions. The SEC also adopted amendments to the
Investment Advisers Act of 1940 books and records rule.
In particular, the amendments to Part 1A of Form ADV are
intended to provide a more efficient method for the registration on
one Form ADV of multiple private fund adviser entities operating a
single advisory business ("umbrella
registration"). Although under existing staff guidance a
large number of advisers have already been making umbrella
registration filings, the method outlined in the staff guidance for
filing an
