Division of Investment Management
Aug. 1, 2013
The Division of Investment Management supports the Commission in its mission to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation. The Division has primary responsibility for administering the Investment Company Act of 1940 and Investment Advisers Act of 1940, which includes developing regulatory policy for investment companies ( e.g., mutual funds, including money market funds, closed-end funds, business development companies, unit investment trusts, variable insurance products, and exchange-traded funds) and for investment advisers.
The Division’s Analytics Office provides the Division and Commission with practical reviews and actionable analyses of the asset management industry. The Analytics Office pursues this mission by: (1) monitoring and analyzing the industry data collected by the Commission; (2) conducting ongoing financial analysis of the asset management industry; (3) gathering and analyzing operational information directly from participants in the asset management industry; and (4) otherwise maintaining industry knowledge and technical expertise to provide other analyses that may support the Division's activities.
Chief Counsel's Office
The Chief Counsel’s Office (CCO) provides assistance to the Division, the Commission, and the public interpreting the Investment Company Act of 1940 (Investment Company Act), the Investment Advisers Act of 1940 (Advisers Act), their related rules, and other federal securities laws that apply to investment companies and investment advisers.
CCO is primarily responsible for issuing no-action letters, interpretive letters and other staff positions under the securities laws that apply to investment companies and advisers. In addition, CCO reviews and analyzes applications requesting exemptive relief under these laws and recommends to the Commission to grant or deny the request for relief, if appropriate.
CCO also responds to interpretive and legal questions concerning the laws that apply to investment companies and investment advisers. In consultation with staff across the Division, CCO coordinates with the Commission’s Office of Legislative and Intergovernmental Affairs to provide technical assistance on proposed legislation and respond to Congressional inquiries. CCO also collaborates with non-U.S. securities regulators and international regulatory bodies on international matters relating to investment companies, investment advisers and the protection of investors.
Within CCO, the IM Liaison Office (ILO) provides assistance and a central point of contact in IM to the Division of Enforcement (ENF) and the Office of Compliance Investigations and Exams (OCIE). The ILO assists ENF on investigations that involve potential violations of the Investment Company Act and the Investment Advisers Act, or that relate to the Division's policies and programs. It assists OCIE with questions about compliance with the Investment Company Act and the Investment Advisers Act that arise in the course of their examinations. The ILO also assists ENF with applications submitted by barred individuals to re-enter the financial services industry, particularly when seeking to associate with investment advisers.
For interpretive questions regarding investment adviser registration, exempt reporting adviser reports, and Forms ADV, ADV-E, ADV-H, ADV-NR, and ADV-W, contact IARDLIVE@sec.gov
For interpretive questions regarding Form PF, contact FormPF@sec.gov
For all other interpretive questions, contact IMOCC@sec.gov or (202) 551-6825
The no-action and interpretive letter web intake form and specific procedures for submitting requests can be found here: https://www.sec.gov/forms/im-no-action
Disclosure Review and Accounting Office
The Disclosure Review and Accounting Office (DRAO) is primarily responsible for the analysis and review of filings for mutual funds, ETFs, closed-end funds, variable insurance products, unit investment trusts, and similar investment companies under the Federal securities laws. These responsibilities include the review of initial registration statements, post-effective amendments thereto, proxy statements, and financial statements as required by the Sarbanes-Oxley Act of 2002. DRAO’s Chief Accountant's Office is responsible for rendering interpretations regarding the full and fair disclosure and the application of rules relating to the form and content of financial statements of IM registrants as well as recommending the establishment, in collaboration with the Commission's Office of the Chief Accountant, of sound and uniform auditing and accounting standards with respect to IM registrants.
For the status of pending investment adviser registrations, contact the Office of Compliance Inspections and Examinations at OCIERegistrationsInquiries@sec.gov or 202-551-7250.
For Form ADV filer support, contact the Financial Industry Regulatory Authority (FINRA) at email@example.com or 240-386-4848.
For Form PF filer support, contact the Financial Industry Regulatory Authority (FINRA) at firstname.lastname@example.org or 240-386-4848.
For filer support for all other forms, contact the Disclosure Review Office, Edgar Support at 202-551-6989.
For questions related to shareholder proposals, contact the Disclosure Review Office at IMshareholderproposals@sec.gov, 202-551-6921, or by mail at:
U.S. Securities and Exchange Commission
Division of Investment Management
Disclosure Review Office
100 F Street NE
Washington, D.C. 20549-8626
The Rulemaking Office reviews and considers whether the Commission should propose, adopt, or amend rules and forms under the Investment Company Act, the Investment Advisers Act, and other federal securities laws that affect the asset management industry. The Rulemaking Office also makes recommendations to the Commission on rulemaking initiatives as appropriate, and provides technical assistance on the interpretation and application of recent rulemakings.