Investment Advisers Act of 1940
E9879
The Investment Advisers Act of 1940 is a U.S. federal law that regulates investment advisers by imposing registration, fiduciary, disclosure, and anti-fraud obligations to protect investors.
Aliases (4)
Statements (54)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
→
securities regulation law → |
| administeredBy |
U.S. Securities and Exchange Commission
→
|
| amendedBy |
Dodd–Frank Wall Street Reform and Consumer Protection Act
→
National Securities Markets Improvement Act of 1996 → |
| appliesTo |
advisers engaged in interstate commerce
→
advisers to registered investment companies → |
| codifiedIn |
Title 15 of the United States Code
→
|
| containsSection |
Section 202
→
Section 203 → Section 204 → Section 205 → Section 206 → Section 208 → |
| country |
United States of America
→
|
| definesTerm |
federal covered adviser
→
investment adviser → |
| effectiveDate |
1940
→
|
| enactedBy |
United States Congress
→
|
| enforcementBy |
Division of Enforcement of the SEC
→
|
| establishes |
Form ADV as primary registration document for advisers
→
federal fiduciary standard for investment advisers → |
| exempts |
certain advisers whose clients are only insurance companies
→
certain family offices → certain intrastate advisers → |
| focusesOn |
regulation of advisory relationships between advisers and clients
→
|
| imposesObligation |
anti-fraud provisions
→
disclosure obligations for investment advisers → fiduciary duty on investment advisers → registration requirements for investment advisers → |
| jurisdiction |
United States
→
|
| keyProvision |
Section 203 registration of investment advisers
→
Section 204 recordkeeping and reporting requirements → Section 205 restrictions on performance-based fees → Section 206 anti-fraud provisions → |
| primaryPurpose |
protect investors
→
regulate investment advisers → |
| prohibits |
fraud by investment advisers
→
manipulative or deceptive practices by investment advisers → omission of material facts by investment advisers → untrue statements of material fact by investment advisers → |
| regulates |
investment adviser representatives
→
investment advisers → |
| regulatesActivity |
advising others about securities
→
providing investment advice for compensation → |
| relatedTo |
Investment Company Act of 1940
→
Securities Act of 1933 → Securities Exchange Act of 1934 → |
| requires |
delivery of Form ADV brochure to clients
→
maintenance of books and records by investment advisers → registration with the SEC for certain investment advisers → |
| shortTitle |
Investment Advisers Act
→
|
| signedBy |
Franklin D. Roosevelt
→
|
| yearEnacted |
1940
→
|
Referenced by (14)
| Subject (surface form when different) | Predicate |
|---|---|
|
National Securities Markets Improvement Act of 1996
→
Securities Act Amendments of 1964 → |
amends |
|
Division of Enforcement
→
Division of Enforcement of the SEC → |
legalAuthority |
|
Division of Investment Management
→
|
appliesLaw |
|
Commerce and Trade
("Investment Advisers Act of 1940 (codified sections)")
→
|
contains |
|
U.S. Congress
→
|
enactsLaw |
|
Securities and Exchange Commission
→
|
enforces |
|
Investment Advisers Act of 1940
("Form ADV as primary registration document for advisers")
→
|
establishes |
|
Office of Compliance Inspections and Examinations
→
|
legalBasis |
|
United States federal securities markets
→
|
legalFramework |
|
Investment Advisers Act of 1940
("investment advisers")
→
|
regulates |
|
Investment Company Act of 1940
→
|
relatedTo |
|
Investment Advisers Act of 1940
("Investment Advisers Act")
→
|
shortTitle |