The federal statute administered by the SEC that regulates the registration, conduct, and reporting requirements of investment advisers. Investment advisers are required to register with the SEC unless eligible for an exemption contained in the Advisers Act. Once registered under the Advisers Act investment advisers must, among other things, maintain books and records, disclose certain information to clients and potential clients, comply with various conduct restrictions, and submit to inspection by the SEC. The Advisers Act also gives the SEC the power to establish antifraud rules applicable to all investment advisers, whether they are registered or unregistered. Finally, the Advisers Act establishes an enforcement mechanism for violations of any provision of the Advisers Act and its rules.

For more information, see Practice Notes, Registration of Investment Advisers: Overview and Investment Adviser Regulation: Overview.