On July 26, 2021, the Securities and Exchange Commission (“SEC”) announced that 21 investment advisers agreed to settle charges that they failed to file and deliver their CRS Relationship Summary, also known as Form ADV Part 3, to their retail investors. Click here to read the SEC’s full announcement.
On October 26, 2020, the United States Securities and Exchange Commission (“SEC”) hosted an online roundtable discussion on Regulation Best Interest and Form CRS, with contributions from senior staff at the SEC and the Financial Industry Regulatory Authority (“FINRA”). Divided into two panels, the online roundtable focused on issues and observations made by SEC and FINRA staff (referred to collectively here as “the staff”) regarding Regulation Best Interest and Form CRS. To view the archived webcast, click here.
On June 15th, 2020, the United States Securities and Exchange Commission (“SEC”) announced a new website designed for Main Street Investors, intended to help retail investors navigate the new Form CRS/Form ADV Part 3. Published in a “Question and Answer” format, the website explains to retail investors the purpose of the Form CRS/Form ADV Part 3 and describes the information they can expect to find in the Form CRS/Form ADV Part 3. Click here to view the SEC’s new website for Main Street Investors. As an SEC registered investment adviser firm prepares its Form CRS/Form ADV Part 3 training for its supervised persons, RIA Compliance Consultants recommends that a review of the Main Street Investors website should be included as a component of such compliance training.
On June 19, 2020, the Oklahoma Department of Securities announced the withdrawal (effective immediately) of its recent requirement that state registered investment adviser firms must file the Form CRS/Form ADV Part 3 relationship summary as part of the Form ADV filing.
On June 5, 2019 the U.S. Securities and Exchange Commission (SEC) voted on and approved package of rulemakings and interpretations, that includes the new Form CRS Relationship Summary, also known as the ADV Part 3. The ADV Part 3 is designed to be a short and accessible disclosure for retail investors that helps them compare information about firms’ investment advisory offerings. To help investment advisers understand what will be required by the Form CRS Relationship Summary/ADV Part 3, RIA Compliance Consultants created a new webpage, Form ADV Part 3 FAQs. The page features 25 questions with detailed answers about what will be required by investment advisers on the Form CRS Relationship Summary/ADV Part 3.
