U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Investment Advisers and
the Year 2000

Investment Adviser Year 2000 Reports

On September 29, 1998, the Commission issued a release adopting a new rule requiring most investment advisers to file a report on Form ADV-Y2K with the Commission regarding preparations for the Year 2000 problem.

Form ADV-Y2K

We are providing Form ADV-Y2K in two formats:

  • The Commission is mailing the form to each investment adviser currently registered with the Commission. This version of the form has certain information preprinted on it. Please file this version of the form (unless you are using the computer version of the form described below). We will mail this form to you only once. You should copy it and keep the copy for the next time you have to file it in June 1999.

  • A version of Form ADV-Y2K that you can file with the Commission has been posted on the Commission's website. You can complete this version of the form on your computer – it's easy – and mail it to us.

FAQs About Form ADV-Y2K

We realize that you may have questions about Form ADV-Y2K, such as who must file and when you have to file. For answers to these commonly asked questions, consult our FAQs. We will add more FAQs from time to time.

Letter from Chairman Levitt

On November 13, 1997, SEC Chairman Arthur Levitt sent a letter to all investment advisers registered with the Commission stressing the importance of preparing for the Year 2000 computer problem.

Commission's Interpretive Release Regarding Disclosure

On July 30, 1998, the Commission issued an interpretive release concerning disclosure of Year 2000 issues for investment advisers, among others. The release gives specific guidance on when disclosure concerning the Year 2000 problem is necessary and what disclosure concerning the Year 2000 problem is appropriate. This release supersedes Staff Legal Bulletin No. 5.

Testimony of Commissioner Laura S. Unger

On September 17, 1998, SEC Commissioner Laura S. Unger testified before the Senate Special Committee on the Year 2000 Technology Problem concerning the progress of the mutual fund industry in addressing the Year 2000 problem and the steps the SEC is taking to promote Year 2000 preparedness by the mutual fund industry.

The SEC and the Year 2000

You can learn more about the SEC's overall objectives with regard to the Year 2000 problem on the SEC and the Year 2000 page. This site contains additional releases, letters, testimony, and other material related to the Year 2000 problem.