As reported in this prior post, efforts to eliminate the prohibition on general advertising and solicitation in Rule 506 of Regulation D have recently gained momentum at the federal level. The states appear to be following suit by proposing new … Read More
Pursuant to Rule 17a-5(d) under the Exchange Act, all SEC-registered broker-dealers must submit annual audit reports to the SEC and the firm’s designated examining authority (such as FINRA) no more than 60 days after its fiscal year-end. Accordingly, firms with … Read More
On February 8, 2012, the Commodity Futures Trading Commission (“CFTC”) issued final regulations that repeal the exemption from registration as a commodity pool operator (“CPO”) set forth in CFTC Regulation 4.13(a)(4), which is widely used by operators of private funds … Read More
Section 13(f) of the Securities Exchange Act of 1934 requires institutional investment managers with investment discretion over $100 million or more of certain equity securities to file quarterly reports disclosing their holdings using Form 13F. For purpose of Form 13F, … Read More
While it is no secret that most advisers to hedge funds and other private funds will be required to register with the SEC as investment advisers by March 30, 2012, less attention has been paid to the fact that some … Read More
On December 21, 2011, the SEC adopted final rules to exclude the value of a person’s primary residence for purposes of determining whether the person qualifies as an “accredited investor” on the basis of having a net worth in excess … Read More
On December 21, 2011, the California Corporations Commissioner released a notice of proposed rulemaking to create an exemption from the investment adviser registration requirements for advisers to certain private funds. California’s proposed exemption is in response to changes made by … Read More
The SEC’s annual Government-Business Forum on Small Business Capital Formation is sure to focus heavily on various means to remove current legislative and regulatory burdens on the ability to raise capital. I attended last year’s Forum, which focused on many … Read More
As discussed in this previous Compliance Corner post, the SEC recently amended Form ADV Part 1A to incorporate numerous changes to the registration, reporting, and recordkeeping requirements imposed by the Dodd-Frank Act. The IARD system has now been updated to … Read More