Investment Advisers Act of 1940
- Investment Advisers Act of 1940
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USA
The federal statute administered by the SEC that regulates the registration, conduct and reporting requirements of investment advisers. Investment advisers are required to register with the SEC, unless subject to an exemption contained in the Advisers Act. Once registered under the Advisers Act investment advisers must, among other things, maintain books and records, disclose various information to clients and potential clients, comply with various conduct restrictions and submit to inspection by the SEC. The Advisers Act also gives the SEC the power to set up antifraud rules that all investment advisers are subject to, whether they are registered or unregistered. Finally, the Advisers Act sets outan enforcement mechanism for violations of any provision of the Advisers Act and its rules.
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Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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