As an investment adviser with assets under management in excess of $100 million, LIMC is regulated by the United States Securities and Exchange Commission ("SEC"), primarily under the Investment Advisers Act of 1940.
Form ADV is used by investment advisers to register with the SEC. The Form consists of two parts, Part 1 and Part 2:
Part 1 requires information about an investment adviser’s business, ownership, clients, employees, business practices, affiliations, and any disciplinary events of the adviser or its employees. Part 1 is organized in a check-the-box, fill-in-the-blank format.
Part 2 requires an investment adviser to prepare a narrative brochure written in plain English that contains information such as the types of advisory services offered, the adviser’s fee schedule, disciplinary information, conflicts of interest, and the educational and business background of management and key advisory personnel of the adviser. The brochure is the primary disclosure document that investment advisers provide to their clients. Once filed, the brochures are available to the public on the SEC website.