Investment Adviser Self-Regulation Act

Investment Adviser Self-Regulation Act - Amends the Investment Advisers Act of 1940 to declare it is unlawful for any registered investment adviser (with specified exceptions) to use the mails or any instrumentality of interstate commerce in connection with the adviser's investment business unless such adviser is a member of a self-regulating national investment adviser association. registered with the Securities and Exchange Commission (SEC).

Prescribes procedural guidelines for SEC review and approval of a national investment adviser association's application for registration as a self-regulatory organization. Includes among the prerequisites for such approval that: (1) the association can enforce compliance with its rules; (2) the association's rules are designed to prevent fraud and manipulative business practices; and (3) the association's rules provide for appropriate disciplinary measures including expulsion, suspension, and limitation of activities. Outlines the SEC's oversight powers over such self-regulatory organizations, including the power to impose sanctions upon an association found to be in violation of SEC rules.

Authorizes the SEC to impose recordkeeping requirements upon such self-regulatory associations.

Authorizes the SEC to exempt anyone from any investment adviser (self-regulatory) association rule.

Authorizes the SEC to investigate infractions of self-regulatory association rules. Confers jurisdiction upon Federal district courts to issue orders commanding: (1) compliance with this Act; or (2) any investment adviser self-regulatory association to enforce compliance by its members with either this Act or with its rules.

Requires the SEC to keep public records of all communications pertaining to either registration applications by an investment adviser self-regulatory association, or to proposed rule changes by such association. Provides guidelines for judicial review of SEC rules.

Invalidates any contract term that would require a person to waive compliance with any rule of a national investment adviser association.

Requires the SEC to include in its annual report to the Congress: (1) a summary of its oversight activities with respect to any investment adviser self-regulatory association; and (2) an expense and operations analysis of each investment adviser self-regulatory association regarding its responsibilities under this Act.