Dodd-Frank.com

Comments Begin on JOBS Act

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High profile groups have begun to submit comments on the JOBS Act to try and steer rulemaking in the correct direction. The Federal Regulation of Securities Committee, Business Law Section, of the American Bar Association noted: The proposed rules or the accompanying release should reflect the existing definition of “accredited... Read More

Topics: Broker-Dealer, Investment Advisers, Private Equity, Public Companies and Securities, Uncategorized

SEC Denies No Action Request Under Family Office Rule

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A recent no-action letter provides some clarification on the application of the new exemption from registration under the Investment Advisers Act of 1940 for “family offices.” Background Historically, Section 203(b)(3) of the Investment Advisers Act of 1940 allowed persons who would otherwise be required to register as investment advisers to... Read More

Topics: Investment Advisers

SEC Appoints Investor Advisory Committee

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The SEC has announced the formation of a new Investor Advisory Committee required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The 21-member committee replaces the advisory committee that was disbanded after the Dodd-Frank Act became law. Section 911 of the Dodd-Frank Act established the new committee to... Read More

Topics: Investment Advisers, Private Equity, Public Companies and Securities, Uncategorized

FSOC Approves Rule to Designate Nonbank Financial Companies for Enhanced Oversight

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Section 113 of the Dodd-Frank Act authorizes the Financial Stability Oversight Council, or FSOC, to require a nonbank financial company to be supervised by the Board of Governors of the Federal Reserve System and be subject to prudential standards if FSOC determines that material financial distress at the company—or the... Read More

Topics: Banking, Broker-Dealer, Insurance, Investment Advisers

SEC Commissioner Urges Use of Exemptive Authority for Fund Managers

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SEC Commissioner Daniel M. Gallagher urged the use of exemptive authority by the SEC for certain fund managers in a speech given before the Investment Adviser Association’s Investment Adviser Compliance Conference. The Dodd-Frank Act eliminated the exemption from registration for advisers with 15 or fewer clients. Commissioner Gallagher believes this... Read More

Topics: Investment Advisers, Private Equity

SEC Commissioner Addresses Liability of Investment Adviser Legal and Compliance Officers

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SEC Commissioner Daniel M. Gallagher gave his views on the liability of an investment adviser’s legal and compliance personnel at remarks for PLI’s “The SEC Speaks in 2012” seminar.  The remarks address “failure to supervise” liability for compliance and legal personnel.  The Exchange Act vests the SEC with the authority... Read More

Topics: Broker-Dealer, Investment Advisers, Private Equity

SEC Issues FAQs on Form ADV

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Many sponsors of private equity funds and hedge funds are scrambling to register as investment advisers with the SEC as required by the Dodd-Frank Act.  The process is completed by filing Form ADV with the SEC.  Likewise, many exempt advisers to private equity groups and hedge funds will also have... Read More

Topics: Investment Advisers, Private Equity