NASAA Statement on the SEC’s Vote to Enhance Investment Adviser Disclosure

WASHINGTON (July 21, 2010) – The following is a statement from North American Securities Administrators Association (NASAA) President and Texas Securities Commissioner Denise Voigt Crawford on today’s vote by the Securities and Exchange Commission (SEC) to adopt amendments to Part 2 of Form ADV and related rules under the Investment Advisers Act of 1940. Form ADV has been used by advisers to register with state securities regulators and the SEC for years. Part 2 of this joint form, commonly known as the ‘brochure,’ contains disclosures of the advisers’ services, fees, business practices and conflicts of interest.

“State securities regulators and the SEC have worked closely in the area of investment adviser regulation and we expect to continue working together to fulfill our joint mission of investor protection. We look forward to working with the SEC to incorporate state-specific provisions that will enable state- and federal-registered investment advisers to use a single Form ADV Part 2.”

NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico.

For more information:
Bob Webster, NASAA Director of Communications
202-737-0900

2010 Headlines, Newsroom