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ADV Inflation? Private Fund SEC Filings Balloon in Size, Scope

By April 26, 2022No Comments

Silver’s CEO, Fizza Khan, recently spoke with Tom Stabile, a senior reporter at FundFire, about the increased page counts required of private fund managers by the SEC in Form ADV, Part 2A narratives.

Digging into this recent trend, Fizza mentions that this expansion reflects changing expectations and new requirements from the SEC, stating, “[t]he regulatory landscape is always evolving and ever-changing, but the recent onslaught of SEC rule proposals is indicative of the level of scrutiny that the SEC is placing on disclosure.”

She goes on to say that the “beefed-up ADV narratives also at times stem from a manager’s own compliance strategy. Some now are not just aiming to meet regulators’ expectations but also those of their own sophisticated investors.”

“It’s not just from a regulatory context but also from a business and marketing context,” she states. “They need a balance between what the regulators are looking for and what the investors are looking for in these documents.”

To read the full article please visit the FundFire website here.