Form ADV Data Requirements Nearly Double, Adding to Investment Advisers’ Compliance Burden

Form ADV is the principal document the U.S. Securities and Exchange Commission requires registered investment advisers to use to disclose information about their businesses, ownership, clients and conflicts of interest. The Investment Adviser Association said the filing has continued to expand, forcing firms to devote more staff and resources to compliance while potentially reducing the practical value of the information to regulators.

The IAA’s latest report found that the number of data points required on Form ADV has nearly doubled over the past 15 years and now exceeds 1,000. The association urged the SEC to review and streamline the filing rules by removing duplicative fields or those offering limited benefits, reducing advisers’ administrative burden while maintaining investor protections.