Sometimes regulatory changes that are meant to benefit investors end up taxing industry professionals, though this does not appear to be the case for the Securities and Exchange Commission's new format for investment company brochures.

Last Wednesday, the SEC decided to do away with fill-in-the-blank questions organized in a check-the-box setup. Form ADV, Part 2, describes a company's investment strategies, business practices and advisor qualifications. All investment advisory firms that manage $25 million or more in assets must file the form with the SEC. (Under the financial reform law, the threshold is to rise to $100 million, in most cases.)

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