All SEC Registered Investment Advisors that have retail investors must file a FORM CRS relationship summary no later than June 30, 2020. Retail Investors are defined as individual investors meaning a natural person who receives such services for personal purposes. If the adviser only advises hedge funds, private equity funds and venture capital funds (pooled Investment vehicles) they do not need to file a relationship summary even if they include retail investors.
The relationship summary document of which they need to file, is two pages that is for the retail investors to let them know the types of client relationships and services the advisors offer. This includes fees, costs, and conflicts of interest.
The SEC has also provided an FAQ on Form CRS. This guide includes questions related to retail investors, the relationship summary format, as well as filing requirements, and delivery requirements.
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