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SEC Plans to Issue Disclosure Form Revision Proposal Soon


WASHINGTON - The SEC expects to propose, this month, new rules for Form ADV, the main disclosure document that investment advisers must file with the agency, said Robert Plaze, associate director of the SEC. The SEC expects the form ultimately will be available on the Internet for investors to review, Plaze said. Plaze spoke here March 4 at an industry conference sponsored by The Practicing Law Institute of New York.

The Form ADV will change dramatically, requiring for example, that advisers explain their soft-dollar practices in narrative form, Plaze said. Much of the document now calls for explanations by checking boxes. The changes should make the form easier for investors to read, Plaze said. In addition, the new Form ADV would require advisers to explain more about their policies on how they handle proxy voting for the companies in which the advisers invest, Plaze said.