17 CFR Part 275 — Rules and Regulations, Investment Advisers Act of 1940 (SEC; e.g. Form ADV registration, custody rule)

Current as of 1 July 202443 provisions

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["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204(b)-1 Reporting by investment advisers to private funds."]
§ 275.204(b)-1 Reporting by investment advisers to private funds.
§ 275.204(b)-1 Reporting by investment advisers to private funds. Link to an amendment published at 89 FR 18060, Mar. 12,
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204(b)-1 Reporting by investment advisers to private funds."]
§ 275.204(b)-1 Reporting by investment advisers to private funds.
§ 275.204(b)-1 Reporting by investment advisers to private funds. (f) * * * (4) A request for a temporary hardship exemption is considered filed upon the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(3)-1 Exemption of investment advisers registered as broker-dealers in connection with the provision of certain investment advisory services."]
§ 275.206(3)-1 Exemption of investment advisers registered as broker-dealers in connection with the provision of certain investment advisory services.
§ 275.206(3)-1 Exemption of investment advisers registered as broker-dealers in connection with the provision of certain investment advisory services. (a) An…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-5 Procedure with respect to applications and other matters."]
§ 275.0-5 Procedure with respect to applications and other matters.
§ 275.0-5 Procedure with respect to applications and other matters. The procedure hereinbelow set forth will be followed with respect to any proceeding…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.202(a)(1)-1 Certain transactions not deemed assignments."]
§ 275.202(a)(1)-1 Certain transactions not deemed assignments.
§ 275.202(a)(1)-1 Certain transactions not deemed assignments. A transaction which does not result in a change of actual control or management of an investment…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203A-1 Eligibility for SEC registration; Switching to or from SEC registration."]
§ 275.203A-1 Eligibility for SEC registration; Switching to or from SEC registration.
§ 275.203A-1 Eligibility for SEC registration; Switching to or from SEC registration. (a) Eligibility for SEC registration of mid-sized investment advisers. If…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203(l)-1 Venture capital fund defined."]
§ 275.203(l)-1 Venture capital fund defined.
§ 275.203(l)-1 Venture capital fund defined. (a) Venture capital fund defined. For purposes of section 203( l ) of the Act (15 U.S.C. 80b-3( l )), a venture…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-3 References to rules and regulations."]
§ 275.0-3 References to rules and regulations.
§ 275.0-3 References to rules and regulations. The term rules and regulations refers to all rules and regulations adopted by the Commission pursuant to the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-4 Reporting by exempt reporting advisers."]
§ 275.204-4 Reporting by exempt reporting advisers.
§ 275.204-4 Reporting by exempt reporting advisers. (a) Exempt reporting advisers. If you are an investment adviser relying on the exemption from registering…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.222-2 Definition of “client” for purposes of the national de minimis standard."]
§ 275.222-2 Definition of “client” for purposes of the national de minimis standard.
§ 275.222-2 Definition of “client” for purposes of the national de minimis standard. For purposes of section 222(d)(2) of the Act (15 U.S.C. 80b-18a(d)(2)), an…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-6 Incorporation by reference in applications."]
§ 275.0-6 Incorporation by reference in applications.
§ 275.0-6 Incorporation by reference in applications. (a) Exhibits. Any document or part thereof, including any financial statement or part thereof, filed with…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-6 Proxy voting."]
§ 275.206(4)-6 Proxy voting.
§ 275.206(4)-6 Proxy voting. If you are an investment adviser registered or required to be registered under section 203 of the Act (15 U.S.C. 80b-3), it is a…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203-1 Application for investment adviser registration."]
§ 275.203-1 Application for investment adviser registration.
§ 275.203-1 Application for investment adviser registration. (a) Form ADV. (1) To apply for registration with the Commission as an investment adviser, you must…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-2 Definition of “specified period” over which the asset value of the company or fund under management is averaged."]
§ 275.205-2 Definition of “specified period” over which the asset value of the company or fund under management is averaged.
§ 275.205-2 Definition of “specified period” over which the asset value of the company or fund under management is averaged. (a) For purposes of this rule: (1)…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. As a means reasonably designed to prevent fraudulent, deceptive, or manipulative acts, practices, or courses of…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-8 Pooled investment vehicles."]
§ 275.206(4)-8 Pooled investment vehicles.
§ 275.206(4)-8 Pooled investment vehicles. (a) Prohibition. It shall constitute a fraudulent, deceptive, or manipulative act, practice, or course of business…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(2)-1 Private fund adviser restricted activities."]
§ 275.211(h)(2)-1 Private fund adviser restricted activities.
§ 275.211(h)(2)-1 Private fund adviser restricted activities. (a) An investment adviser to a private fund (other than a securitized asset fund) may not…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers."]
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers. (a) General. The provisions of section 205(a) (1) of the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.202(a)(30)-1 Foreign private advisers."]
§ 275.202(a)(30)-1 Foreign private advisers.
§ 275.202(a)(30)-1 Foreign private advisers. (a) Client. You may deem the following to be a single client for purposes of section 202(a) (30) of the Act (15…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203-2 Withdrawal from investment adviser registration."]
§ 275.203-2 Withdrawal from investment adviser registration.
§ 275.203-2 Withdrawal from investment adviser registration. (a) Form ADV-W. You must file Form ADV-W (17 CFR 279.2) to withdraw from investment adviser…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-4 General requirements of papers and applications."]
§ 275.0-4 General requirements of papers and applications.
§ 275.0-4 General requirements of papers and applications. (a) Filings. (1) All papers required to be filed with the Commission shall, unless otherwise…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-10 Private fund adviser audits."]
§ 275.206(4)-10 Private fund adviser audits.
§ 275.206(4)-10 Private fund adviser audits. (a) As a means reasonably designed to prevent such acts, practices, and courses of business as are fraudulent…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-5 Political contributions by certain investment advisers."]
§ 275.206(4)-5 Political contributions by certain investment advisers.
§ 275.206(4)-5 Political contributions by certain investment advisers. (a) Prohibitions. As a means reasonably designed to prevent fraudulent, deceptive or…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203A-3 Definitions."]
§ 275.203A-3 Definitions.
§ 275.203A-3 Definitions. For purposes of section 203A of the Act (15 U.S.C. 80b-3a) and the rules thereunder: (a) (1) Investment adviser representative…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(3)-2 Agency cross transactions for advisory clients."]
§ 275.206(3)-2 Agency cross transactions for advisory clients.
§ 275.206(3)-2 Agency cross transactions for advisory clients. (a) An investment adviser, or a person registered as a broker-dealer under section 15 of the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204A-1 Investment adviser codes of ethics."]
§ 275.204A-1 Investment adviser codes of ethics.
§ 275.204A-1 Investment adviser codes of ethics. (a) Adoption of code of ethics. If you are an investment adviser registered or required to be registered under…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(2)-2 Adviser-led secondaries."]
§ 275.211(h)(2)-2 Adviser-led secondaries.
§ 275.211(h)(2)-2 Adviser-led secondaries. (a) As a means reasonably designed to prevent fraudulent, deceptive, or manipulative acts, practices, or courses of…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices."]
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices. (a)…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(2)-3 Preferential treatment."]
§ 275.211(h)(2)-3 Preferential treatment.
§ 275.211(h)(2)-3 Preferential treatment. (a) An investment adviser to a private fund (other than a securitized asset fund) may not, directly or indirectly, do…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204(b)-1 Reporting by investment advisers to private funds."]
§ 275.204(b)-1 Reporting by investment advisers to private funds.
§ 275.204(b)-1 Reporting by investment advisers to private funds. (f) * * * (2) * * * (i) Complete and file in paper format, in accordance with the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203A-2 Exemptions from prohibition on Commission registration."]
§ 275.203A-2 Exemptions from prohibition on Commission registration.
§ 275.203A-2 Exemptions from prohibition on Commission registration. The prohibition of section 203A(a) of the Act (15 U.S.C. 80b-3a(a)) does not apply to: (a)…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-2 General procedures for serving non-residents."]
§ 275.0-2 General procedures for serving non-residents.
§ 275.0-2 General procedures for serving non-residents. (a) General procedures for serving process, pleadings, or other papers on non-resident investment…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-3 Delivery of brochures and brochure supplements."]
§ 275.204-3 Delivery of brochures and brochure supplements.
§ 275.204-3 Delivery of brochures and brochure supplements. (a) General requirements. If you are registered under the Act as an investment adviser, you must…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-5 Delivery of Form CRS."]
§ 275.204-5 Delivery of Form CRS.
§ 275.204-5 Delivery of Form CRS. (a) General requirements. If you are registered under the Act as an investment adviser, you must deliver Form CRS, required…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203(m)-1 Private fund adviser exemption."]
§ 275.203(m)-1 Private fund adviser exemption.
§ 275.203(m)-1 Private fund adviser exemption. (a) United States investment advisers. For purposes of section 203(m) of the Act (15 U.S.C. 80b-3(m)), an…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-1 Definitions."]
§ 275.211(h)(1)-1 Definitions.
§ 275.211(h)(1)-1 Definitions. For purposes of §§ 275.206 (4)-10, 275.211(h) (1)-2, 275.211(h) (2)-1, 275.211(h) (2)-2, and 275.211(h) (2)-3: Adviser clawback…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-7 Compliance procedures and practices."]
§ 275.206(4)-7 Compliance procedures and practices.
§ 275.206(4)-7 Compliance procedures and practices. If you are an investment adviser registered or required to be registered under section 203 of the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.222-1 Definitions."]
§ 275.222-1 Definitions.
§ 275.222-1 Definitions. For purposes of section 222 (15 U.S.C. 80b-18a) of the Act: (a) Place of business. “Place of business” of an investment adviser means…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203-3 Hardship exemptions."]
§ 275.203-3 Hardship exemptions.
§ 275.203-3 Hardship exemptions. This section provides two “hardship exemptions” from the requirement to make Advisers Act filings electronically with the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.202(a)(11)(G)-1 Family offices."]
§ 275.202(a)(11)(G)-1 Family offices.
§ 275.202(a)(11)(G)-1 Family offices. (a) Exclusion. A family office, as defined in this section, shall not be considered to be an investment adviser for…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (a) Every investment adviser registered or required to be registered under section 203…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-1 Amendments to Form ADV."]
§ 275.204-1 Amendments to Form ADV.
§ 275.204-1 Amendments to Form ADV. (a) When amendment is required. You must amend your Form ADV (17 CFR 279.1): (1) Parts 1 and 2: (i) At least annually…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-2 Private fund quarterly statements."]
§ 275.211(h)(1)-2 Private fund quarterly statements.
§ 275.211(h)(1)-2 Private fund quarterly statements. (a) Quarterly statements. As a means reasonably designed to prevent such acts, practices, and courses of…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-7 Small entities under the Investment Advisers Act for purposes of the Regulatory Flexibility Act."]
§ 275.0-7 Small entities under the Investment Advisers Act for purposes of the Regulatory Flexibility Act.
§ 275.0-7 Small entities under the Investment Advisers Act for purposes of the Regulatory Flexibility Act. (a) For purposes of Commission rulemaking in…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (a) Safekeeping required. If you are an investment adviser registered or…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-3 Delivery of brochures and brochure supplements."]
§ 275.204-3 Delivery of brochures and brochure supplements.
§ 275.204-3 Delivery of brochures and brochure supplements. (3) Deliver to each client or prospective client a current brochure supplement for a supervised…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(3)-1 Exemption of investment advisers registered as broker-dealers in connection with the provision of certain investment advisory services."]
§ 275.206(3)-1 Exemption of investment advisers registered as broker-dealers in connection with the provision of certain investment advisory services.
§ 275.206(3)-1 Exemption of investment advisers registered as broker-dealers in connection with the provision of certain investment advisory services. (4) any…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203-1 Application for investment adviser registration."]
§ 275.203-1 Application for investment adviser registration.
§ 275.203-1 Application for investment adviser registration. (2)(i) On or after June 30, 2020, the Commission will not accept any initial application for…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203-3 Hardship exemptions."]
§ 275.203-3 Hardship exemptions.
§ 275.203-3 Hardship exemptions. (3) Effective date—upon approval. You are not exempt from the electronic filing requirements until and unless the Commission…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-4 Reporting by exempt reporting advisers."]
§ 275.204-4 Reporting by exempt reporting advisers.
§ 275.204-4 Reporting by exempt reporting advisers. (2) Application procedures. To request a temporary hardship exemption, you must: (i) File Form ADV-H (17…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203A-2 Exemptions from prohibition on Commission registration."]
§ 275.203A-2 Exemptions from prohibition on Commission registration.
§ 275.203A-2 Exemptions from prohibition on Commission registration. (3) In determining the aggregate value of assets of plans, include only that portion of a…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.202(a)(11)(G)-1 Family offices."]
§ 275.202(a)(11)(G)-1 Family offices.
§ 275.202(a)(11)(G)-1 Family offices. (2) Any company owned exclusively and controlled by one or more family members; or (3) Any investment adviser registered…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.202(a)(30)-1 Foreign private advisers."]
§ 275.202(a)(30)-1 Foreign private advisers.
§ 275.202(a)(30)-1 Foreign private advisers. (2) You are not required to count an owner as a client solely because you, on behalf of the legal organization…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204(b)-1 Reporting by investment advisers to private funds."]
§ 275.204(b)-1 Reporting by investment advisers to private funds.
§ 275.204(b)-1 Reporting by investment advisers to private funds. 2024. (a) Reporting by investment advisers to private funds on Form PF. If you are an…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204A-1 Investment adviser codes of ethics."]
§ 275.204A-1 Investment adviser codes of ethics.
§ 275.204A-1 Investment adviser codes of ethics. (1) Holdings reports. The code of ethics must require your access persons to submit to your chief compliance…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (7) Originals of all written communications received and copies of all written…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-5 Delivery of Form CRS."]
§ 275.204-5 Delivery of Form CRS.
§ 275.204-5 Delivery of Form CRS. (5) Deliver a current Form CRS to each retail investor within 30 days upon request. (c) Other disclosure obligations…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203(l)-1 Venture capital fund defined."]
§ 275.203(l)-1 Venture capital fund defined.
§ 275.203(l)-1 Venture capital fund defined. (3) Does not borrow, issue debt obligations, provide guarantees or otherwise incur leverage, in excess of 15…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-1 Amendments to Form ADV."]
§ 275.204-1 Amendments to Form ADV.
§ 275.204-1 Amendments to Form ADV. (2) If you have received a continuing hardship exemption under § 275.203-3, you must, when you are required to amend your…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203A-3 Definitions."]
§ 275.203A-3 Definitions.
§ 275.203A-3 Definitions. (2) Any other location that is held out to the general public as a location at which the investment adviser representative provides…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-4 General requirements of papers and applications."]
§ 275.0-4 General requirements of papers and applications.
§ 275.0-4 General requirements of papers and applications. (3): Each year the IARD shuts down to filers for several days during the end of December to process…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices."]
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices. (2) The…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(3)-2 Agency cross transactions for advisory clients."]
§ 275.206(3)-2 Agency cross transactions for advisory clients.
§ 275.206(3)-2 Agency cross transactions for advisory clients. (2) The investment adviser, or any other person relying on this rule, sends to each such client…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-7 Small entities under the Investment Advisers Act for purposes of the Regulatory Flexibility Act."]
§ 275.0-7 Small entities under the Investment Advisers Act for purposes of the Regulatory Flexibility Act.
§ 275.0-7 Small entities under the Investment Advisers Act for purposes of the Regulatory Flexibility Act. (1) Control means the power, directly or indirectly…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(2)-3 Preferential treatment."]
§ 275.211(h)(2)-3 Preferential treatment.
§ 275.211(h)(2)-3 Preferential treatment. (2) Provide information regarding the portfolio holdings or exposures of the private fund, or of a similar pool of…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-2 General procedures for serving non-residents."]
§ 275.0-2 General procedures for serving non-residents.
§ 275.0-2 General procedures for serving non-residents. (2) Non-resident means: (i) An individual who resides in any place not subject to the jurisdiction of…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-1 Definitions."]
§ 275.211(h)(1)-1 Definitions.
§ 275.211(h)(1)-1 Definitions. (3) A person is presumed to control a partnership if the person has the right to receive upon dissolution, or has contributed…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203(m)-1 Private fund adviser exemption."]
§ 275.203(m)-1 Private fund adviser exemption.
§ 275.203(m)-1 Private fund adviser exemption. (7) of the Act (15 U.S.C. 80b- 3(b) (7)) (other than an entity that has elected to be regulated or is regulated…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(2)-1 Private fund adviser restricted activities."]
§ 275.211(h)(2)-1 Private fund adviser restricted activities.
§ 275.211(h)(2)-1 Private fund adviser restricted activities. (3) Reduce the amount of an adviser clawback by actual, potential, or hypothetical taxes…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (7) Otherwise be materially misleading. (b) Testimonials and endorsements. An advertisement may not include any…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-2 Private fund quarterly statements."]
§ 275.211(h)(1)-2 Private fund quarterly statements.
§ 275.211(h)(1)-2 Private fund quarterly statements. (1) A detailed accounting of all compensation, fees, and other amounts allocated or paid to the investment…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers."]
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers. (1) Registered investment advisers. If a registered…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203A-1 Eligibility for SEC registration; Switching to or from SEC registration."]
§ 275.203A-1 Eligibility for SEC registration; Switching to or from SEC registration.
§ 275.203A-1 Eligibility for SEC registration; Switching to or from SEC registration. (2) SEC-registered advisers—switching to State registration. If you are…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-5 Political contributions by certain investment advisers."]
§ 275.206(4)-5 Political contributions by certain investment advisers.
§ 275.206(4)-5 Political contributions by certain investment advisers. (3)), or that is an exempt reporting adviser, or any of the investment adviser's covered…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (3) Account statements to clients. You have a reasonable basis, after due…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203(l)-1 Venture capital fund defined."]
§ 275.203(l)-1 Venture capital fund defined.
§ 275.203(l)-1 Venture capital fund defined. (3) Does not sell any securities to (including accepting any committed capital from) any person after July 21…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (1) of this chapter) offering any report, analysis, publication or other investment…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(2)-3 Preferential treatment."]
§ 275.211(h)(2)-3 Preferential treatment.
§ 275.211(h)(2)-3 Preferential treatment. (2) Written notice for current investors in a private fund. The investment adviser shall distribute to current…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204(b)-1 Reporting by investment advisers to private funds."]
§ 275.204(b)-1 Reporting by investment advisers to private funds.
§ 275.204(b)-1 Reporting by investment advisers to private funds. be accepted by the operator of the Form PF filing system, and thus will not be considered…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (4) of this section, stating that it has examined the funds and securities and…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices."]
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices. 33. 2 Id. See…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(2)-1 Private fund adviser restricted activities."]
§ 275.211(h)(2)-1 Private fund adviser restricted activities.
§ 275.211(h)(2)-1 Private fund adviser restricted activities. (5) Borrow money, securities, or other private fund assets, or receive a loan or an extension of…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-5 Political contributions by certain investment advisers."]
§ 275.206(4)-5 Political contributions by certain investment advisers.
§ 275.206(4)-5 Political contributions by certain investment advisers. (1) of this section shall not apply to an investment adviser as a result of a…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers."]
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers. (2) of this section, a transfer of an equity ownership…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-3 Delivery of brochures and brochure supplements."]
§ 275.204-3 Delivery of brochures and brochure supplements.
§ 275.204-3 Delivery of brochures and brochure supplements. (1) You are not required to deliver a brochure to a client: (i) That is an investment company…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-1 Definitions."]
§ 275.211(h)(1)-1 Definitions.
§ 275.211(h)(1)-1 Definitions. (5) A person is presumed to control a trust if the person is a trustee or managing agent of the trust. Covered portfolio…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.202(a)(11)(G)-1 Family offices."]
§ 275.202(a)(11)(G)-1 Family offices.
§ 275.202(a)(11)(G)-1 Family offices. (3) Executive officer means the president, any vice president in charge of a principal business unit, division or…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203-1 Application for investment adviser registration."]
§ 275.203-1 Application for investment adviser registration.
§ 275.203-1 Application for investment adviser registration. (1)), of any investment adviser registered, or applying for registration with, the Commission must…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-2 Private fund quarterly statements."]
§ 275.211(h)(1)-2 Private fund quarterly statements.
§ 275.211(h)(1)-2 Private fund quarterly statements. (3) The amount of any offsets or rebates carried forward during the reporting period to subsequent periods…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203(m)-1 Private fund adviser exemption."]
§ 275.203(m)-1 Private fund adviser exemption.
§ 275.203(m)-1 Private fund adviser exemption. (7) of that Act (15 U.S.C. 80a-3(c) (1) or 15 U.S.C. 80a-3(c) (7)), provided that the investment adviser treats…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (2) Adviser oversight and compliance. The investment adviser must have: (i) A reasonable basis for believing that…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-4 General requirements of papers and applications."]
§ 275.0-4 General requirements of papers and applications.
§ 275.0-4 General requirements of papers and applications. (1) Every application for an order under any provision of the Act, for which a form with…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.202(a)(30)-1 Foreign private advisers."]
§ 275.202(a)(30)-1 Foreign private advisers.
§ 275.202(a)(30)-1 Foreign private advisers. (2) Investor means: (i) Any person who would be included in determining the number of beneficial owners of the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(3)-2 Agency cross transactions for advisory clients."]
§ 275.206(3)-2 Agency cross transactions for advisory clients.
§ 275.206(3)-2 Agency cross transactions for advisory clients. (3) The investment adviser, or any other person relying in this rule, sends to each such client…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203A-2 Exemptions from prohibition on Commission registration."]
§ 275.203A-2 Exemptions from prohibition on Commission registration.
§ 275.203A-2 Exemptions from prohibition on Commission registration. (1) Immediately before it registers with the Commission, is not registered or required to…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204A-1 Investment adviser codes of ethics."]
§ 275.204A-1 Investment adviser codes of ethics.
§ 275.204A-1 Investment adviser codes of ethics. (2) Transaction reports. The code of ethics must require access persons to submit to your chief compliance…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-1 Amendments to Form ADV."]
§ 275.204-1 Amendments to Form ADV.
§ 275.204-1 Amendments to Form ADV. 2020. Note 1 to paragraphs ( e ): This note applies to paragraphs (a), (b), and (e) of this section. Information on how to…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(3)-2 Agency cross transactions for advisory clients."]
§ 275.206(3)-2 Agency cross transactions for advisory clients.
§ 275.206(3)-2 Agency cross transactions for advisory clients. (5) No such transaction is effected in which the same investment adviser or an investment…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (6) Investment advisers acting as qualified custodians. If you maintain, or if…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-4 General requirements of papers and applications."]
§ 275.0-4 General requirements of papers and applications.
§ 275.0-4 General requirements of papers and applications. (3) When any such application or amendment is signed by an agent or attorney, the power of attorney…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers."]
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers. (1) The term qualified client means: (i) A natural person…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204A-1 Investment adviser codes of ethics."]
§ 275.204A-1 Investment adviser codes of ethics.
§ 275.204A-1 Investment adviser codes of ethics. (3) Exceptions from reporting requirements. Your code of ethics need not require an access person to submit…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.202(a)(30)-1 Foreign private advisers."]
§ 275.202(a)(30)-1 Foreign private advisers.
§ 275.202(a)(30)-1 Foreign private advisers. (3)( i ): A person who is in the United States may be treated as not being in the United States if such person was…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203A-2 Exemptions from prohibition on Commission registration."]
§ 275.203A-2 Exemptions from prohibition on Commission registration.
§ 275.203A-2 Exemptions from prohibition on Commission registration. (2) Elects to rely on paragraph (d) of this section by: (i) Indicating on Schedule D of…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices."]
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices. be two-thirds…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204(b)-1 Reporting by investment advisers to private funds."]
§ 275.204(b)-1 Reporting by investment advisers to private funds.
§ 275.204(b)-1 Reporting by investment advisers to private funds. (4) The hardship exemptions available under § 275.203-3 do not apply to Form PF. (g)…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-3 Delivery of brochures and brochure supplements."]
§ 275.204-3 Delivery of brochures and brochure supplements.
§ 275.204-3 Delivery of brochures and brochure supplements. (2) You do not have to deliver a wrap fee program brochure if another sponsor of the wrap fee…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203(l)-1 Venture capital fund defined."]
§ 275.203(l)-1 Venture capital fund defined.
§ 275.203(l)-1 Venture capital fund defined. (4) Qualifying portfolio company means any company that: (i) At the time of any investment by the private fund, is…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-1 Definitions."]
§ 275.211(h)(1)-1 Definitions.
§ 275.211(h)(1)-1 Definitions. private fund that: (1) Is not required to redeem interests upon an investor's request; and (2) Has limited opportunities, if…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (5) of this chapter), the adviser may instead make and keep a record of the disclosures…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-2 Private fund quarterly statements."]
§ 275.211(h)(1)-2 Private fund quarterly statements.
§ 275.211(h)(1)-2 Private fund quarterly statements. (2) The quarterly statement must present the following with equal prominence: (i) Liquid funds. For a…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (2)(ii) of this section, provided that the affiliation between the investment adviser and such person is readily…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-5 Political contributions by certain investment advisers."]
§ 275.206(4)-5 Political contributions by certain investment advisers.
§ 275.206(4)-5 Political contributions by certain investment advisers. (3)(i) of this section more than once with respect to contributions by the same covered…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.202(a)(11)(G)-1 Family offices."]
§ 275.202(a)(11)(G)-1 Family offices.
§ 275.202(a)(11)(G)-1 Family offices. (4)(iv) of this section, former key employee; (vii) Any irrevocable trust in which one or more other family clients are…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-3 Delivery of brochures and brochure supplements."]
§ 275.204-3 Delivery of brochures and brochure supplements.
§ 275.204-3 Delivery of brochures and brochure supplements. (3) Sponsor of a wrap fee program means an investment adviser that is compensated under a wrap fee…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-2 Private fund quarterly statements."]
§ 275.211(h)(1)-2 Private fund quarterly statements.
§ 275.211(h)(1)-2 Private fund quarterly statements. (e) of this section to cover similar pools of assets. (g) Format and content. The quarterly statement must…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.202(a)(11)(G)-1 Family offices."]
§ 275.202(a)(11)(G)-1 Family offices.
§ 275.202(a)(11)(G)-1 Family offices. (6) Family member means all lineal descendants (including by adoption, stepchildren, foster children, and individuals…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.0-4 General requirements of papers and applications."]
§ 275.0-4 General requirements of papers and applications.
§ 275.0-4 General requirements of papers and applications. Name and address. Every application shall contain the name and address of each applicant and the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices."]
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices. 3. Change in…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-1 Definitions."]
§ 275.211(h)(1)-1 Definitions.
§ 275.211(h)(1)-1 Definitions. (2) Divided by the total capital contributed to the illiquid fund by its investors. Net IRR means an internal rate of return…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-5 Political contributions by certain investment advisers."]
§ 275.206(4)-5 Political contributions by certain investment advisers.
§ 275.206(4)-5 Political contributions by certain investment advisers. (2) Whether the investment adviser: (i) Before the contribution resulting in the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204(b)-1 Reporting by investment advisers to private funds."]
§ 275.204(b)-1 Reporting by investment advisers to private funds.
§ 275.204(b)-1 Reporting by investment advisers to private funds. (4) as paragraph (f) (5), and c. Adding new paragraph (f) (4), effective Mar. 12, 2025. For…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers."]
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers. (51)(A)) at the time the contract is entered into; or…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (1) Has a reasonable basis for believing that any questionnaire or survey used in the preparation of the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (4) of this section must be registered with, and subject to regular inspection…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (3)(iii) of that section in lieu of such reports; (ii) A record of the names of persons…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203A-2 Exemptions from prohibition on Commission registration."]
§ 275.203A-2 Exemptions from prohibition on Commission registration.
§ 275.203A-2 Exemptions from prohibition on Commission registration. (3) Maintains in an easily accessible place a record of the States in which the investment…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204A-1 Investment adviser codes of ethics."]
§ 275.204A-1 Investment adviser codes of ethics.
§ 275.204A-1 Investment adviser codes of ethics. (1) Access person means: (i) Any of your supervised persons: (A) Who has access to nonpublic information…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203(l)-1 Venture capital fund defined."]
§ 275.203(l)-1 Venture capital fund defined.
§ 275.203(l)-1 Venture capital fund defined. (7)(i) of this chapter, U.S. Treasuries with a remaining maturity of 60 days or less, and shares of an open-end…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers."]
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.
§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers. (5) The term most recent order means the most recently…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (14)(i) A copy of each brochure, brochure supplement and Form CRS, and each amendment or…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204A-1 Investment adviser codes of ethics."]
§ 275.204A-1 Investment adviser codes of ethics.
§ 275.204A-1 Investment adviser codes of ethics. (2002)), the Investment Company Act of 1940 (15 U.S.C. 80a), the Investment Advisers Act of 1940 (15 U.S.C…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (3) Any statement, express or implied, that the calculation or presentation of performance results in the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.203A-2 Exemptions from prohibition on Commission registration."]
§ 275.203A-2 Exemptions from prohibition on Commission registration.
§ 275.203A-2 Exemptions from prohibition on Commission registration. (30)-1 in determining whether it provides investment advice to fewer than 15 clients under…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (1) of the Investment Company Act of 1940 (15 U.S.C. 80a-5(a) (1)) (“mutual…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices."]
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.
§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices. 30. Dividend…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-5 Political contributions by certain investment advisers."]
§ 275.206(4)-5 Political contributions by certain investment advisers.
§ 275.206(4)-5 Political contributions by certain investment advisers. (2) Covered associate of an investment adviser means: (i) Any general partner, managing…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.211(h)(1)-1 Definitions."]
§ 275.211(h)(1)-1 Definitions.
§ 275.211(h)(1)-1 Definitions. (4) Any person under common control with the adviser. Reporting period means the private fund's fiscal quarter covered by the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (7) Any predecessor performance unless: (i) The person or persons who were primarily responsible for achieving the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-5 Political contributions by certain investment advisers."]
§ 275.206(4)-5 Political contributions by certain investment advisers.
§ 275.206(4)-5 Political contributions by certain investment advisers. (5) Government entity means any State or political subdivision of a State, including…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204A-1 Investment adviser codes of ethics."]
§ 275.204A-1 Investment adviser codes of ethics.
§ 275.204A-1 Investment adviser codes of ethics. (20)) (i.e., in most cases you must be approved by the fund's board of directors before you can serve); or…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (4) Limited partnerships subject to annual audit. You are not required to…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (4)-1(b) (1)(ii) and (iii) of this chapter; (ii) Documentation substantiating the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (4) of this section, you are not required to obtain an independent…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-5 Political contributions by certain investment advisers."]
§ 275.206(4)-5 Political contributions by certain investment advisers.
§ 275.206(4)-5 Political contributions by certain investment advisers. (8) Plan or program of a government entity means any participant-directed investment…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (1) Advertisement means: (i) Any direct or indirect communication an investment adviser makes to more than one…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (6) of this chapter; provided, however, that, with respect to the performance of managed…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (1) Control means the power, directly or indirectly, to direct the management…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (3) A disqualifying Commission action means a Commission opinion or order barring, suspending, or prohibiting the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-5 Political contributions by certain investment advisers."]
§ 275.206(4)-5 Political contributions by certain investment advisers.
§ 275.206(4)-5 Political contributions by certain investment advisers. (5)), that is registered with the Commission, and is a member of a national securities…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (2) Custody means holding, directly or indirectly, client funds or securities…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (18)(i)(A) and (C) of this section if it provides investment advisory services to a…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (1) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(c) (1)), and section 206 (1) of the Investment Advisers…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (4) Independent representative means a person that: (i) Acts as agent for an…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (5) Endorsement means any statement by a person other than a current client or investor in a private fund advised…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (2)-2, along with a record of each addressee and the corresponding date(s) sent. (24) A…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (6) of this section, a related person is presumed not to be operationally…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (8) Hypothetical performance means performance results that were not actually achieved by any portfolio of the…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers."]
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.
§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers. (1)), holding the client assets in customer accounts; (iii) A futures…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (4)-6. (ii) A copy of each proxy statement that the investment adviser receives…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. in compliance with paragraph (d) (7) of this section. (9) Ineligible person means a person who is subject to a…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. renders investment supervisory services is indicated by numerical or alphabetical code…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.206(4)-1 Investment adviser marketing."]
§ 275.206(4)-1 Investment adviser marketing.
§ 275.206(4)-1 Investment adviser marketing. (11) Portfolio means a group of investments managed by the investment adviser. A portfolio may be an account or a…
["CHAPTER II—SECURITIES AND EXCHANGE COMMISSION (CONTINUED)", "PART 275—RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940", "§ 275.204-2 Books and records to be maintained by investment advisers."]
§ 275.204-2 Books and records to be maintained by investment advisers.
§ 275.204-2 Books and records to be maintained by investment advisers. (16) of this rule shall be maintained and preserved in an easily accessible place for a…

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