The specific form 485BPOS is actually not a form, or an original filing itself, but an amendment to a previous filing. This amendment corrected further oversights on the 1940 SEC filing act and was the second one processed on said act. The form therein is structured towards a filing by investment companies or a significant security offering. Below is amendment the form is tailored toward.
This forms purpose is to arrange and layout complete details of investment strategies by an investment company. By the same token, the form must also state all security offerings the company has lined up, in the same style, and is a registration statement required for filing separate accounts.
A separate account is when an investor is seeking to manage a financial institution or an individual pool of assets. Typically this is done through a financial advisor, brokerage firm, or institution; for example an insurance company or credit union. Normally sought out by affluent customers and high net worth investors because of the high-risk high reward process that the service normally uses to ensure customers continue to receive a note of good news when they check their accounts.
This is a very popular asset strategy right now, as separate accounts often entail giving a high net worth individual title and ownership of an account that they fund, then hand the account off to an investment specialist or financial advisor who then has the discretion of what and when to trade.
These accounts are highly regulated and are overseen by specialists due to the nature of these investments being rather risky and often employ riskier strategies to find high yields. Other requirements such as a minimum investment limit make it just a little harder to obtain these types of accounts, and therefore the SEC is better able to keep them regulated and fair.