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Site Explanation
Below are the topics discussed. Click on a link below to read more about this site.

Background
What is on this Website?
What is Form ADV?

Background
The U.S. Securities and Exchange Commission (SEC) sponsors this website. This website, however, provides information about both SEC-registered and state-registered investment adviser (IA) firms, certain Investment Adviser firms that are exempt from registration with the SEC or states, state-registered investment adviser representatives, and links to BrokerCheck information on Brokerage firms or Registered Representatives of Brokerage firms.

Investment advisers generally are regulated by the SEC or state securities authorities. The SEC typically regulates investment advisers that have assets under management in excess of $100,000,000. Investment advisers that do not meet this threshold generally are regulated by the states. The SEC registers Investment Adviser firms but does not separately register individual representatives of Investment Adviser firms. The states register Investment Adviser firms, and many separately register individual investment adviser representatives. Both the SEC and the states may require certain investment advisers to hedge funds, venture capital funds, and other private funds that are not required to be registered (Exempt Reporting Advisers) to instead file reports with them.

In 1996 Congress amended the Investment Advisers Act of 1940 to require that the SEC establish a readily accessible electronic process to respond to public inquiries about investment advisers and their disciplinary information. The SEC created this website to satisfy Congress' mandate.

In addition to providing information about investment adviser representatives currently registered with a state securities regulator, IAPD also includes individuals who:

  • have been registered with a state securities regulator within the last ten years, or
  • (1) have ever been the subject of a final regulatory event, (2) convicted of or pled guilty or no contest to a crime, (3) have been the subject of a civil injunction or civil court finding involving a violation of any investment-related statute(s) or regulation(s), or (4) have been a respondent or defendant or the subject of an arbitration or civil litigation which resulted in an award, decision, or judgment for a customer that has been reported on a registration form.

What is on this Website?
On this website, you can (1) search for an Investment Adviser firm, (2) view the adviser's current Form ADV, (3) check the adviser's registration or reporting status, (4) search for an investment adviser representative, (5) view the representative's professional background and conduct, (6) check the representative's registration status, (7) link to a state regulator's website, and (8) access links to the FINRA BrokerCheck Website for information about Brokerage firms and Registered Representatives of Brokerage firms that meet search criteria entered.

The information about investment advisers that appears on this website is filed by investment advisers on Form ADV. Neither the SEC nor the state securities authorities have approved the information filed on Form ADV, and we cannot guarantee its accuracy. The information about investment adviser representatives that appears on this website is collected from individual investment adviser representatives, Investment Adviser firm(s), and/or securities regulator(s) as part of the securities industry's registration and licensing process. If you discover disclosure that you believe is false or misleading, you should notify us using the SEC's electronic complaint form, available at www.sec.gov, or the appropriate state securities authority through www.nasaa.org.

This website displays an investment adviser's most recent Form ADV. The website is updated as investment advisers amend their Form ADVs.

This website contains information about investment advisers that currently are registered with the SEC or a state or file reports as an Exempt Reporting Adviser. This website also contains information about investment advisers that were registered or filed reports in the previous ten years but are no longer registered or reporting advisers. You should click on "Registration/Reporting Status" to check whether a firm currently is registered as an investment adviser or reporting as an Exempt Reporting Adviser.

Links and information about Brokerage firms and Registered Representatives of Brokerage firms is derived from FINRA's BrokerCheck system. Please visit www.finra.org/brokercheck for more information.

This website does not contain information about advisers that:

1) are exempt from registration but are not required to file reports as Exempt Reporting Advisers; or
2) have filed unapproved applications for registration with the SEC or a state.

What is Form ADV?
Investment advisers file Form ADV to register with the SEC and/or the states. Some advisers that are exempt from registration (Exempt Reporting Advisers) also complete a portion of the questions in Form ADV for purposes of reporting to the SEC and/or the states. All investment advisers must periodically update the information in their filings. Form ADV contains information about an investment adviser and its business operations. Form ADV also contains disclosure about certain disciplinary events involving the adviser and its key personnel.
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