SEC Investment Management Director Champ's Remarks to the IAA Investment Adviser Compliance Conference 2013

Norm Champ, Director of the SEC's Division of Investment Management ("IM") highlighted short-term and longer term regulatory priorities of IM. Director Champ's speech focused on one of the longer term initiatives, that is, the review of rules that apply to private fund advisers, and specifically on advertising and Form ADV.

With regard to advertising, Director Champ stated that IM is considering issues raised by private fund advisers regarding the advertising rule and considering whether to take any action. Director Champ mentioned that IM is also working on a proposal to amend Regulation D to permit advertising and general solicitation subject to certain requirements, and is reviewing comment letters.

With respect to Form ADV, Director Champ noted that Form ADV is not structured to take into account the sometimes complicated private fund structures used by some private fund advisers and IM is reviewing the requirements of the form.

Director Champ also mentioned that IM continues to work on its IA/BD (fiduciary) project as required under Dodd-Frank Section 913 ("Study and rulemaking regarding obligations of brokers, dealers, and investment advisers").

Click here to view speech in full (links externally to SEC website).See also: another Director Champ speech in today's news. See also: SEC Director Champ Remarks on Investment Adviser Regulation (Important Speech) (with Lofchie Comment).See also: SEC Survey on Obligations of Broker-Dealers and Investment Advisers to Retail Customers (with Lofchie Comment).