New Guidance on California’s RIA Placement Agent Registration Requirements
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
Whistleblower Program Now Established
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
SEC Proposes to Disqualify Felons and Other “Bad Actors” From Rule 506 Offerings
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
Be on Alert: Changes Coming for Advisers Charging Performance Fees
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
States on the Move to Revise IA Registration
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
SEC Considers Extension of Compliance Dates for Investment Adviser Registration and Deregistration Requirements Under Dodd-Frank
On Friday, April 8, 2011, the Associate Director of the SEC’s Division of Investment Management, Robert E. Plaze, issued a letter to the President of the North American Securities Administrators Association (NASAA), indicating that the SEC will likely grant additional … Read More
Government Shutdown Could Freeze Investigations and Enforcement Actions by SEC and Other Federal Regulators
Although the SEC would maintain some functionality in the event of a government shutdown, the majority of its activities, including inspections and examinations of registered investment advisers and broker-dealers would and ongoing enforcement actions would be discontinued until after a … Read More
Division of Investment Management Releases Responses to Questions About the Pay to Play Rule and Part 2 of Form ADV
Two of the more significant final rules adopted by the SEC over the past year were the new “pay to play” rule adopted on July 1, 2010, and the amendments to Part 2 of Form ADV adopted on July 28, … Read More