SEC Guides
Practical explainers for SEC filings, EDGAR, private funds and adviser records.
Investment Adviser vs Broker: Services, Fees and Legal Duties Explained
TITLE: Investment Adviser vs Broker: Services, Fees and Legal Duties Explained SEO DESCRIPTION: Learn the difference between investment advisers and brokers, including services, compensation, legal duties, conflicts of interest and public records investors should check. Investment Adviser vs Broker: Services, Fees and
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Sidecar Fund Explained: How to Identify Related Investment Vehicles in SEC Filings
A sidecar fund is an investment vehicle created to invest alongside another fund, sponsor, manager or lead investment program. It is often used for a specific deal, strategy, co-investment opportunity, overflow allocation or special investor group. Unlike a traditional feeder fund, a sidecar fund does not simply invest
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How to Verify a Broker-Dealer Through FINRA BrokerCheck
TITLE: How to Verify a Broker-Dealer Through FINRA BrokerCheck SEO DESCRIPTION: Learn how to use FINRA BrokerCheck to verify a broker-dealer, review firm and representative records, understand disclosures, and spot warning signs before opening an account. How to Verify a Broker-Dealer Through FINRA BrokerCheck FINRA Br
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Feeder Fund Explained: Fund Structure, Master Funds and SEC Filing Clues
A feeder fund is an investment fund that collects capital from investors and then invests most or all of that capital into another fund, commonly called a master fund. The feeder fund is the investor-facing vehicle, while the master fund is usually where the main investment strategy, portfolio trading or asset ownershi
Read guide →What Is a Broker-Dealer How to Check SEC and FINRA Records
TITLE: What Is a Broker-Dealer How to Check SEC and FINRA Records SEO DESCRIPTION: Learn what a broker-dealer is, how broker-dealers differ from investment advisers, and how investors can check SEC, FINRA and BrokerCheck records before opening an account. What Is a Broker-Dealer How to Check SEC and FINRA Records A bro
Read guide →SEC-Registered Adviser vs State-Registered Adviser Explained
TITLE: SEC-Registered Adviser vs State-Registered Adviser Explained SEO DESCRIPTION: Learn the difference between SEC-registered investment advisers and state-registered advisers, including assets under management, oversight, Form ADV filings and investor checks. SEC-Registered Adviser vs State-Registered Adviser Expla
Read guide →Private Funds vs Registered Investment Companies: SEC Regulatory Framework Compared
Private funds and registered investment companies are both investment vehicles, but they operate under very different SEC regulatory frameworks. Registered investment companies include mutual funds, ETFs and many closed-end funds. Private funds include hedge funds, private equity funds, venture capital funds, private c
Read guide →How to Find Private Funds from SEC Form ADV
TITLE: How to Find Private Funds from SEC Form ADV SEO DESCRIPTION: Learn how to use SEC Form ADV and Schedule D to find private funds managed by an investment adviser, including fund names, identifiers, assets, service providers and related filings. How to Find Private Funds from SEC Form ADV SEC Form ADV is one of th
Read guide →What Is a Private Fund SEC Definition, Adviser Regulation and Filing Clues
A private fund is an investment fund that is not registered as an investment company with the SEC and does not publicly offer its securities. Private funds are commonly structured for sophisticated investors and may include hedge funds, private equity funds, venture capital funds, private credit funds, real estate fund
Read guide →SEC Form 12b-25: Notice of Late Filing and What It Means
TITLE: SEC Form 12b-25: Notice of Late Filing and What It Means SEO DESCRIPTION: Learn what SEC Form 12b-25 reports, when it is due, how the conditional 5-day and 15-day periods work, and why the notice is not the late report itself. Form 12b-25 is a notice an issuer files when it cannot submit a required periodic repo
Read guide →Qualified Institutional Buyer (QIB) Explained: Rule 144A Investor Eligibility
A qualified institutional buyer, commonly called a QIB, is a large institutional investor that meets specific securities ownership thresholds under Rule 144A. QIB status matters because Rule 144A allows certain restricted securities to be resold privately to QIBs without a public SEC registration statement. The QIB con
Read guide →SEC Form ADV Schedule D Explained: Private Funds, Related Persons and Advisory Business Details
TITLE: SEC Form ADV Schedule D Explained: Private Funds, Related Persons and Advisory Business Details SEO DESCRIPTION: Learn how SEC Form ADV Schedule D expands an adviser’s disclosure, including private fund reporting, related persons, office locations, custody, auditors and fund service providers. SEC Form ADV Sched
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