The Investment Advisers Act of 1940 (the “Advisers Act”) is a relatively compact statute, and for many years the U.S. Securities and Exchange Commission (SEC) adopted relatively few regulations specifically targeting Advisers Act compliance. This changed quite dramatically during the previous administration, as registered advisers and even firms relying on registration exemptions became increasingly subject to highly specific and at times complex rules, interpretations, and other guidance issued by the SEC and its Staff in the Division of Investment Management (IM) and the Division of Exams (EXAMS). Although a number of proposed SEC rules were withdrawn in June 2025 (see “Investment Adviser Rulemaking: Recently Adopted Rules and Amendments,” below), the regulatory landscape applicable to investment advisers is nonetheless complex and continually evolving.
Given this, it can be a challenge to put your finger on the statutory, regulatory, enforcement, or interpretive guidance that provides the basis for a particular compliance policy or procedure when you need it most. This short form handbook is designed to help by providing a simple reference guide of Topics and Tools that we have found frequently arise in our practice and points to the basis for certain key “rules” applicable to an investment adviser’s business—even when they aren’t really rules.
We offer this as a compliance tool designed for the day-to-day compliance and legal practitioner familiar with this space.
We also offer the usual caution that facts and circumstances can dictate different approaches, and that, accordingly, users of this tool should consult with Advisers Act counsel for specific legal guidance.
Read the Investment Adviser Compliance Checklist.