The US Securities and Exchange Commission has amended Form ADV to compel investment advisors to disclose more information about themselves.

The new information that they must write down concerns their separately managed account business. The SEC also now allows every private fund advisory entity that operates a single advisory business to register using a single Form ADV. Additionally, it has made other amendments to certain Form ADV items and instructions. All information submitted by firms is available to the public.

Form ADV is the uniform form used by investment advisors to register with both the SEC and state securities authorities. Part 1 asks for information about their business, ownership, clients, employees, business practices, affiliations and any disciplinary events. Part 2 (which came in in 2011) requires them to prepare narrative brochures that describe the types of advisory service they offer, their fee schedules, disciplinary information, conflicts of interest, and the educational and business background of managers and key advisory people.