Key SEC Rules for Investment Advisors

Governs advertising and marketing activities for SEC-registered investment advisors, including testimonials, endorsements, third-party ratings, and performance presentations.

Requires advisors with custody of client funds or securities to implement safeguards including qualified custodians, account statements, and surprise examinations.

Requires every registered investment advisor to adopt and implement written compliance policies, designate a Chief Compliance Officer, and conduct an annual compliance review.

Specifies the records that investment advisors must create and maintain, including financial records, client communications, and advisory contracts.

Requires advisors to deliver a written disclosure document (Form ADV Part 2A) describing services, fees, conflicts of interest, and disciplinary history.

Requires advisors to establish a written code of ethics setting standards of conduct and requiring personal securities reporting by supervised persons.