What form must exempt reporting advisers file with the SEC?

Exempt reporting advisers are required to file Form ADV Part 1A with the SEC. This form provides important information about the advisory firm, its owners, and its advisory business, allowing the SEC to maintain oversight of these advisers without imposing the full registration requirements that apply to registered investment advisers.

This requirement stems from the Dodd-Frank Act, which aimed to increase oversight in the financial sector, particularly for advisers that may have less than $150 million in assets under management and therefore do not need to register fully but still must report basic information for regulatory purposes.

Understanding that Form ADV Part 2 is a narrative brochure designed for clients and does not serve as the filing requirement under the exempt reporting adviser category clarifies why it isn't the correct choice. Similarly, Form 10-K is an annual report used by public companies, and Form U4 pertains to the registration of individuals with self-regulatory organizations, neither of which apply to exempt reporting advisers' obligations.