Investment Adviser Public Disclosure (IAPD)

The Investment Adviser Public Disclosure (IAPD) database provides instant access to registration documents filed by more than 25,000 SEC- or state-registered investment advisers. IAPD provides access to Form ADV filings made by investment adviser firms that register electronically using the Investment Adviser Registration Depository (IARD). IAPD also provides access to registration information filed with the states by investment adviser representatives (certain individuals that are employed by an investment adviser).

All information filed by advisers on Form ADV is available on IAPD, except for certain personal identifying information. Beginning in 2011, advisers will be required to file their narrative brochures (Form ADV Part 2) electronically and they will be available in IAPD.

The IAPD website is available 24 hours a day, free of charge. Investors without Internet access can get copies of the current (as well as historical) Form ADV by accessing How to Request Public Documents. In addition, at the SEC’s headquarters, you can visit our Public Reference Room from 10:00 a.m. to 3:00 p.m., Monday to Friday, to request copies of SEC records and documents.

Information concerning investment advisers that are no longer registered with the SEC or states is made available on IAPD for several years after the adviser is no longer registered. If you are deciding whether to hire an investment adviser, you should verify that your adviser has an active registration by reviewing the information available following the "Registration Status" hyperlink on IAPD.

Investors also can obtain copies of investment adviser registration forms by contacting the appropriate state regulator (that is, the state where the investment adviser conducts business).