Alert February 14, 2012

SEC Staff Supplements FAQ on Form ADV and IARD

The staff of the SEC’s Division of Investment Management (the “Staff”) supplemented its “Frequently Asked Questions on Form ADV and IARD” with questions regarding mid‑sized advisers, master-feeder arrangements, the identification of a private fund with its Form D file number, private fund identification numbers (PFIDs) and the calculation of regulatory assets under management.