September 11, 1991
TO: INVESTMENT ADVISERS COMMITTEE NO. 43-91
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 40-91
RE: PROPOSED AMENDMENTS TO FORM BD WHICH ARE ANTICIPATED
FOR FORM ADV
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The SEC has proposed amendments to Form BD, the uniform
form for broker-dealer registration under the Securities Exchange
Act of 1934. A copy of Form BD, as proposed, together with the
SEC release summarizing the proposed changes, is attached. In
note 4 of the release, the SEC stated that "[M]any of the matters
discussed in this release also are applicable to Form ADV, the
form for registration of investment advisers under the Investment
Advisers Act of 1940. The Commission expects to propose similar
amendments to Form ADV."
Amendments to Form ADV may not be proposed until after the
amendments to Form BD are adopted. Therefore, in an effort to
keep the forms as uniform as possible, the SEC staff has
requested that the Institute and its investment adviser members
comment on the proposed amendments to Form BD in anticipation of
similar amendments being proposed to Form ADV.
As explained in the attached release, the proposed
amendments are intended, among other things, to clarify and
update the disciplinary background items of Form BD to reflect
recent legislative developments that enhanced the SEC's
enforcement authority. In addition, the amendments would revise
the structure of and information required on the schedules to the
Form to clarify the instructions to the schedules, streamline the
information required and facilitate the determination of the
chain of ownership of each applicant (to remove any impediments
to registration of applicants with foreign ownership).
The comment period for the proposed amendments to Form BD
expires on October 8, 1991. Please call me at 202/955-3523 or
Richard Mason at 202/955-3516 with any comments you have on this
proposal by September 23, 1991.
Amy B.R. Lancellotta
Assistant General Counsel
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