The SEC Announces New Form ADV Requirements for Advisers

Posted on September 1st, 2017 at 7:02 PM
The SEC Announces New Form ADV Requirements for Advisers

From the Desk of Jim Eccleston at Eccleston Law LLC:

Last year, the SEC adopted rules to amend the disclosure sections of the Form ADV which will require advisers to report additional information. One major amendment will require advisers to disclose all the social media accounts they use for “business purposes.” Moreover, the new social media account rule covers corporate social media accounts as well individual business-related profiles on LinkedIn, Twitter, Facebook and other social networks. However, social media accounts used only for “private content” and “personal use” will not be required to be disclosed.  

Furthermore, the amendment will also necessitate advisers to disclose if they outsource chief compliance office function; disclose additional details on how the firm’s assets under management (AUM) breaks down by types of client; and provide more detail around separately managed accounts and wrap fee programs that the RIA manages.

According to the SEC, the new disclosures will be required to be reported during this year’s October 1st filing period.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.


Related Attorneys: James J. Eccleston

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Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.


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