The rule requires an adviser's code of ethics to set forth standards of conduct and require compliance with federal securities laws.
The Commission is adopting new rule 204A-1 under the Advisers Act to require registered investment advisers to adopt codes of ethics. TEXT OF RULES AND FORM AMENDMENTS EXECUTIVE SUMMARY EFFECTS ON COMPETITION, EFFICIENCY AND CAPITAL FORMATION.Educating Employees About the Code of Ethics.Initial Public Offerings and Private Placements."Access Persons" Subject to the Reporting Requirements.Protection of Material Nonpublic Information.Standards of Conduct and Compliance with Laws.SUPPLEMENTARY INFORMATION: The Securities and Exchange Commission ("Commission" or "SEC") is adopting (i) rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act" or "Act") (ii) amendments to rule 204-2 and Form ADV under the Advisers Act and (iii) amendments to rule 17j-1 under the Investment Company Act of 1940 ("Company Act"). Tuleya, Attorney-Adviser, or Jennifer Sawin, Assistant Director, at 20, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0506.
Compliance Date: January 7, 2005.įOR FURTHER INFORMATION CONTACT: Robert L. The rule and rule amendments are designed to promote compliance with fiduciary standards by advisers and their personnel.ĭATES: Effective Date: August 31, 2004. The Commission is also adopting amendments to rule 17j-1 to conform certain provisions to the new rule. Among other things, the rule requires advisers' supervised persons to report their personal securities transactions, including transactions in any mutual fund managed by the adviser. The codes of ethics must set forth standards of conduct expected of advisory personnel and address conflicts that arise from personal trading by advisory personnel. SUMMARY: The Securities and Exchange Commission is adopting a new rule and related rule amendments under the Investment Advisers Act of 1940 that require registered advisers to adopt codes of ethics. SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 270, 275 and 2-AJ08 Investment Adviser Codes of EthicsĪGENCY: Securities and Exchange Commission. Final Rule: Investment Adviser Codes of Ethics Release No.
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