The SEC’s Office of Compliance Inspections and Examinations (OCIE) released an industry letter today directed at senior executives and principals of firms that are newly registered as investment advisers as a result of the Dodd-Frank Act. As a reminder, the Dodd-Frank Act repealed the “private adviser exemption” in the Investment... Read More
Privately offered funds, such as hedge funds, venture capital funds and private equity funds, typically rely on Section 4(a)(2) and the Rule 506 safe harbor to offer and sell their interests without registration under the Securities Act. In addition, privately offered funds generally rely on one of two exclusions... Read More
The Commodity Futures Trading Commission has approved final regulations that establish a schedule to phase in compliance with new clearing requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The final rule will phase in the clearing requirement based on the type of market participant entering into swaps... Read More
Last week, the Minnesota Department of Commerce announced that it was instituting an examination program for investment advisers. In doing so, Minnesota removes itself from a tiny group of states – the others are New York and Wyoming – that have no investment adviser examinations. The significance of this is... Read More
Hedge funds and private equity advisers with more than $150 million in assets under management that have registered with the SEC as investment advisers now have to begin filing Form PF with the SEC as required by the Dodd-Frank Act. Compliance dates depend on the type of private fund adviser... Read More
March 30, 2012 was the compliance date for several provisions of the Dodd-Frank Act that amended the registration provisions of the Investment Advisers Act. As of that date: advisers to many hedge funds, private equity funds, and other “private funds” that previously were exempt from registration were required to register... Read More
The SEC has extended the date by which advisers must comply with the ban on third-party solicitation in rule 206(4)-5 under the Investment Advisers Act of 1940, which is known as the “pay to play” rule. The SEC extended the compliance date in order to ensure an orderly transition for... Read More
Hedge funds and private equity advisers with more than $150 million in assets under management that have registered with the SEC as investment advisers will have to begin filing Form PF with the SEC as required by the Dodd-Frank Act. Form PF will be filed electronically through the PFRD system,... Read More
The JOBS Act directs the SEC to eliminate the prohibition on general solicitations for securities offerings under Rule 506. Once the prohibition is eliminated, many advisers to hedge funds and private equity groups may engage in some sort of advertising when placing fund securities. General Rules Advertising by registered investment... Read More
Norm Champ, Deputy Director, Office of Compliance Inspections and Examinations at the SEC, gave his insghts as to the SEC’s plans to examine hedge fund sponsors who were required to newly register as investment advisers under the Dodd-Frank Act. According to Mr. Champ, the SEC strategy for these new registrants... Read More