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The SEC wants to know more about you — and about how you run your advisory firm. That means increasing scrutiny of how the firm makes its money, uses social media and how it stays compliant with changing regulations and audits its figures.

To that end, the commission's always evolving Form ADV — a rich repository of information about RIAs for regulators, law enforcement bodies, researchers and the public — underwent its most recent revamp in August.

Please scroll through the 10 most significant changes as identified by the compliance outsourcing firm Cipperman Compliance Services. Firms with a Dec. 31 fiscal year have until next year to implement the changes. However, many firms have already begun the process in preparation for the annual update.
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1. Analyze your SMAs
Separately Managed Accounts: The new Form ADV requires significant reporting on separately managed account assets including reporting by asset type and related derivative transactions.
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Pedestrians with umbrellas pass in front of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, March 27, 2017. U.S. stocks fell, extending a decline on Friday after President Trump failed to pass his health-care bill, undermining optimism he can enact growth policies that invigorated bulls after the election. Photographer: Michael Nagle/Bloomberg
2. Don't hide under an umbrella
Umbrella Registration: The new filing rules allow affiliated advisers to use a single Form ADV, but the registrant must complete a detailed schedule for each relying adviser.
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A job seeker takes a Snapchat photo with Snap Inc. representatives during the TechFair LA job fair in Los Angeles, California, U.S., on Thursday, Jan. 26, 2017. Filings for U.S. unemployment benefits rose more than forecast last week amid holiday-related volatility, while remaining low by historical standards. Photographer: Patrick T. Fallon/Bloomberg
3. Break down your social life
Social Media: Every registrant must include websites and social media addresses.
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Attendees stand in front of a backdrop of the City of London at a "Paris Meets London" meeting organized by Paris Europlace, the French capital's lobby group, at the Shangri-La hotel in The Shard in London, U.K., on Monday, Feb. 6, 2017. Paris could lure as many as 20,000 workers from Britain's finance industry with the exodus potentially starting within weeks as the U.K. begins its withdrawal from the European Union, according to Europlace. Photographer: Jason Alden/Bloomberg
4. Up your office listings
Offices: An advisory firm with multiple offices must list its largest 25 offices (used to be 5).
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Joe Ratterman of Bats Global Markets Inc., Nasdaq OMX Group Inc arrive for a meeting at the Securities and Exchange Commission in Washington, D.C., U.S., on Monday, May 10, 2010. The chief executive officers of the biggest U.S. stock markets were called to a meeting at the U.S.Securities and Exchange to discuss last week’s selloff in equities, according to four people familiar with the situation. Photographer: Joshua Roberts/Bloomberg
5. Name your compliance czar
Outside CCO: If a firm retains a Chief Compliance Officer paid by a third party, the new Form ADV requires the registrant to name the CCO and his/her employer.
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6. Break down your assets
Assets Under Management: The new Form ADV requires more detailed reporting of regulatory assets under management by client type.
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7. Get your head around wraps
Wrap Programs: Registrants must include more detailed information about the wrap programs in which they participate.
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8. Explain how referrals impact pay
Referral Payments: The new rules require more disclosure about compensation paid, or received for, referrals. That includes amounts paid by, or to, employees.
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Under chairman Jay Clayton, the Securities and Exchange Commission wants to open up private markets to a wider range of investors.
9. ID more bad apples
Bad Actors: The disclosure reporting page, also known as the bad actor disclosure, requires information about all relying advisers.
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10. Out your auditor
Auditors: New Form ADV requires information about the auditors to private funds.
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