If a SEC registered investment adviser has only one access person, the access person is not required to submit personal securities transaction and holding reports to this same access person for approval; however, this investment adviser must maintain copies of all personal securities transaction and holding reports as required by the SEC’s rule.
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Can a SEC registered investment adviser accept confirmations and statements in lieu of a personal securities transaction report by the access person?
November 02, 2018
Confirmations and statements may be accepted in lieu of transaction and holdings reports so long as the confirmations and statements contain all required information and as long as the information is current within 45 days of reporting for holdings reports and so long as they are received within 30 days of the end of each calendar quarter for personal securities transactions.
Are there any exclusions to the personal securities holdings and transaction reporting requirements of access persons of a SEC registered investment adviser?
November 02, 2018
An access person of a SEC registered investment adviser is not required to report any personal securities held in accounts over which the access person has not direct or indirect influence or control and any transactions effected pursuant to an automatic investment plan.
The SEC rule does not require an investment adviser to obtain reports indicating that access person does not have any transactions or holdings to report. However, many investment advisers choose to require this type of reporting to ensure that all access persons are consistently aware of the personal securities holding and transaction reporting requirements.
What is a reportable security for purposes of a personal securities transaction or holding report of an access person of a SEC registered investment adviser?
November 02, 2018
A reportable security is any security defined in Section 202(a)(18) of the Securities Act of 1933. The Rule considers all securities reportable with the exception of the following:
What information must be included in the personal securities transactions reports of an access person of an SEC registered investment adviser?
November 02, 2018
All personal securities transaction reports must, at a minimum, cover all personal securities transactions during the calendar quarter for which the report is being completed. The following information is the minimum information that must be included in the personal securities transaction report for each reportable security:
What information must be included in the personal securities holdings report of an access person of an SEC registered investment adviser?
November 02, 2018
At a minimum, the personal securities holdings reports must contain the following for each reportable security that the access person of the investment adviser has any direct or indirect beneficial ownership:
What is beneficial ownership by an access person of a SEC registered investment adviser for personal securities transaction purposes?
November 02, 2018
For personal securities transaction purposes, an access person of an SEC registered investment adviser is presumed to be a beneficial owner of the securities that are held by his/her immediate family members sharing the access person’s household.
Are there any specific personal securities reporting requirements of a SEC registered investment adviser related to the SEC Rule 204A-1?
November 02, 2018
A SEC registered investment adviser must require all access persons to submit to the chief compliance officer or other designated person, a report of all current securities holdings and transaction reports for reportable securities in which the access person has, or acquires, any direct or indirect beneficial ownership. Holdings reports must be submitted no later than 10 days after the person becomes an access person and at least annually thereafter. All information reported must be current as of a date no more than 45 days prior to the date reporting is required.
A SEC registered investment adviser’s “access persons” are any of the investment adviser’s supervised persons who have access to non-public information regarding any investment advisory client’s purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund or any person who is involved in making securities recommendations to investment advisory clients, or who has access to such recommendations that are nonpublic. If providing investment advice is an investment adviser’s primary business, all of its directors, officers and partners are presumed to be access persons.
