15 USC 80 - Reports by investment advisers

View all text of Subchapter II [§ 80b-1 - § 80b-21]

§ 80b–4. Reports by investment advisers

(a) In general

(b) Records and reports of private funds

(1) In generalThe Commission may require any investment adviser registered under this subchapter—

(A) to maintain such records of, and file with the Commission such reports regarding, private funds advised by the investment adviser, as necessary and appropriate in the public interest and for the protection of investors, or for the assessment of systemic risk by the Financial Stability Oversight Council (in this subsection referred to as the “Council”); and

(B) to provide or make available to the Council those reports or records or the information contained therein.

(2) Treatment of records

(3) Required informationThe records and reports required to be maintained by an investment adviser and subject to inspection by the Commission under this subsection shall include, for each private fund advised by the investment adviser, a description of—

(A) the amount of assets under management and use of leverage, including off-balance-sheet leverage;

(B) counterparty credit risk exposure;

(D) valuation policies and practices of the fund;

(E) types of assets held;

(F) side arrangements or side letters, whereby certain investors in a fund obtain more favorable rights or entitlements than other investors;

(G) trading practices; and

(H) such other information as the Commission, in consultation with the Council, determines is necessary and appropriate in the public interest and for the protection of investors or for the assessment of systemic risk, which may include the establishment of different reporting requirements for different classes of fund advisers, based on the type or size of private fund being advised.

(4) Maintenance of records

(5) Filing of records

(6) Examination of records

(A) Periodic and special examinationsThe Commission—

(i) shall conduct periodic inspections of the records of private funds maintained by an investment adviser registered under this subchapter in accordance with a schedule established by the Commission; and

(ii) may conduct at any time and from time to time such additional, special, and other examinations as the Commission may prescribe as necessary and appropriate in the public interest and for the protection of investors, or for the assessment of systemic risk.

(B) Availability of records

(7) Information sharing

(A) In general

(B) Confidentiality

(8) Commission confidentiality of reportsNotwithstanding any other provision of law, the Commission may not be compelled to disclose any report or information contained therein required to be filed with the Commission under this subsection, except that nothing in this subsection authorizes the Commission—

(A) to withhold information from Congress, upon an agreement of confidentiality; or

(B) prevent 2

2 So in original. Probably should be preceded by “to”.

the Commission from complying with—

(i) a request for information from any other Federal department or agency or any self-regulatory organization requesting the report or information for purposes within the scope of its jurisdiction; or

(ii) an order of a court of the United States in an action brought by the United States or the Commission.

(9) Other recipients confidentiality

(10) Public information exception

(A) In general

(B) Proprietary informationFor purposes of this paragraph, proprietary information includes sensitive, non-public information regarding—

(i) the investment or trading strategies of the investment adviser;

(ii) analytical or research methodologies;

(iii) trading data;

(iv) computer hardware or software containing intellectual property; and

(v) any additional information that the Commission determines to be proprietary.

(11) Annual report to Congress

(1) to file with the Commission any fee, application, report, or notice required to be filed by this subchapter or the rules issued under this subchapter through any entity designated by the Commission for that purpose; and

(2) to pay the reasonable costs associated with such filing and the establishment and maintenance of the systems required by subsection (c).

(d) Access to disciplinary and other information

(1) Maintenance of system to respond to inquiries

(A) In general

(B) Applicability

(2) Recovery of costs

(3) Limitation on liability

(e) Records of persons with custody or use

(1) In general

(2) Certain persons subject to other regulation

(f) Data standards for reports filed under this section

(1) Requirement

(2) Consistency

(Aug. 22, 1940, ch. 686, title II, § 204, 54 Stat. 852; Pub. L. 86–750, § 6, Sept. 13, 1960, 74 Stat. 886; Pub. L. 94–29, § 29(5), June 4, 1975, 89 Stat. 169; Pub. L. 109–290, § 7(a), Sept. 29, 2006, 120 Stat. 1321; Pub. L. 111–203, title IV, § 404, title IX, § 929Q(b), July 21, 2010, 124 Stat. 1571, 1866; Pub. L. 117–263, div. E, title LVIII, § 5821(a), Dec. 23, 2022, 136 Stat. 3424.)