Investment Adviser Public Disclosure (IAPD) reports disclose information about state registered investment adviser representatives (IARs) to help investors determine whether to conduct, or continue to conduct, business with these individuals. The information contained within these reports is collected through the states’ registration and licensing process. For additional information, a glossary of terms can also be found.
Who provides the information in Investment Adviser Public Disclosure (IAPD)?
Information made available through IAPD is obtained from the Investment Adviser Registration Depository (IARD) as reported through the states’ registration and licensing process.
State securities regulators use Forms U4 and U5 to collect registration/licensing information for investment adviser representatives (IARs). Regulators provide information through Form U6, which is used to report certain disciplinary history about investment adviser firms and IARs.
How current is the information contained in Investment Adviser Public Disclosure (IAPD)?
Investment adviser firms and investment adviser representatives (IARs) are required to keep this information accurate and up-to-date (typically not later than 30 days after learning of an event). The data in IAPD is updated when an investment adviser and/or securities firm, IAR, or securities regulator submits new or revised information to IARD.
A report for an investment adviser representative (IAR) contains:
- A report summary that provides a brief overview of the IAR and his or her credentials. This summary also functions as the entry point to a more detailed report on the IAR.
- A qualifications section that includes a listing of the IAR’s current registrations, or licenses, professional designations, if any, and state required exams he or she has passed.
- A previous employment section that contains two types of information:
- a list of firms where the IAR was previously registered.
- the IAR’s employment history for the last ten years—both in and outside the investment adviser and/or securities industry—as reported by the IAR.
- A disclosure section that contains information about any customer disputes or regulatory and disciplinary events on this IAR’s record. Please keep in mind a number of items may involve pending actions or allegations
What information is NOT disclosed through Investment Adviser Public Depository (IAPD)?
Information that has not been reported to IARD is not disclosed. Certain customer complaint information filed before March 2002 is not available in IAPD. To access this older information, please contact a state where the IAR is registered.
Additional information not disclosed includes Social Security numbers, residential history information, and physical description information.
In certain limited circumstances, most often pursuant to a court order, information is expunged from IARD.
If you have additional questions, call your state securities regulator. Contact information for state securities regulators can be found here.