On July 12, 2011, the SEC issued an order that raises the thresholds for whether investment advisers can charge performance fees to clients. The order was mandated by the Dodd-Frank Act, which required the SEC to adjust these dollar amount … Read More
The Securities and Exchange Commission’s (SEC) Office of Compliance and Examinations (OCIE) has recently released its 2020 Examination Priorities. As expected, the SEC has significantly expanded its regulatory examination program and continues to make efforts to strengthen its risk-based approach … Read More
Last week, in addition to adopting new investment adviser registration requirements and exemptions, the SEC adopted several revisions to Form ADV Part 1A that require advisers to provide more detailed information about private funds they advise, their advisory business (including … Read More
On June 22, 2011, the SEC adopted final rules requiring advisers to private funds to register with the SEC and confirmed rumors of an extension of the new registration date required for previously unregistered private fund advisers, which is now … Read More
Rule 17a-5 under the Exchange Act requires broker-dealers to undergo an annual audit conducted by an independent public accountant and to file an annual report containing audited financial statements and certain supporting schedules with the SEC and the broker-dealer’s designated … Read More
California’s new law requiring RIA placement agents to register as lobbyists has generated substantial interest throughout the investment management community. Pursuant to the legislation and the regulations adopted under it, certain placement agents and others seeking business from California’s CALPERS … Read More
On May 25, 2011, the SEC adopted final rules establishing a whistleblower program pursuant to Section 922 of the Dodd-Frank Act. The final rules were approved by a narrow 3-2 vote by the five SEC commissioners, and are designed to … Read More
Rule 506 under Regulation D, the most widely used exemption from the registration requirements of the Securities Act of 1933, permits issuers to offer and sell securities to an unlimited number of “accredited investors” and up to 35 non-accredited investors. … Read More
Rule 205-3 of the Advisers Act provides an exemption from the general prohibition on charging performance-based fees and permits SEC-registered investment advisers to charge such fees to “qualified clients.” Currently, a client is a “qualified client” under the dollar amount … Read More
Over the past few months, several states have commenced the process of adopting revised investment adviser registration requirements and new exemptions. These changes are based on the increase in the assets under the management threshold for SEC registration and the … Read More