Registration Delayed for Private Fund Advisers; New Registration, Reporting, and Disclosure Requirements Adopted
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
Proposed Rule Would Increase SEC Oversight of Broker-Dealer Custody Practices
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
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
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
Is Your Hedge Fund Too Successful for the SEC?
As part of the SEC’s attempt to increase the effectiveness of its enforcement program, the SEC has undergone a complete reorganization of the Division of Enforcement, which has resulted in more enforcement actions, including some which have been highly publicized. … 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