California Private Fund Adviser Exemption Rules Approved

August 28, 2012 Comments Off on California Private Fund Adviser Exemption Rules Approved

Final rules for California’s private fund adviser exemption–creating a new class of “exempt reporting advisers”–have been approved  and referred to the Secretary of State for publication. The exemption is immediately effective.  « Read the rest of this entry »

SEC Again Delays Action on Advertising Rules

August 22, 2012 § 1 Comment

The SEC announced that its open meeting to announce rules governing advertising of offerings under Rule 506, originally scheduled for August 22, has been delayed until August 29. This follows news from the SEC that it will be releasing only proposed rules for public comment at the meeting. Some had hoped the SEC would announce interim or temporary rules to go into effect immediately. Instead, any proposed rules announced by the SEC will be subject to usual public comment and review, typically between 30 and 60 days.   « Read the rest of this entry »

JOBS Act Repeal of Advertising Restrictions Further Delayed

August 20, 2012 § 3 Comments

UPDATE: SEC Again Delays Action on Advertising Rules

The SEC was expected to issue interim or temporary rules at its open meeting on August 22  that would have permitted private fund managers and others to begin advertising in connection with Rule 506 offerings of their securities. A recent statement, however, has announced that the SEC will instead only propose rules for public comment following the SEC’s typical rulemaking process. The SEC has already missed the original July 4 deadline imposed by the JOBS Act.

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SEC Charges Adviser for Failing to Produce Books and Records

August 16, 2012 Comments Off on SEC Charges Adviser for Failing to Produce Books and Records

A recent SEC enforcement action serves as a reminder to investment advisers of their obligations to keep detailed records of their advisory business and to provide those records promptly when examined by the SEC (or state regulators). Failure to satisfy these regulatory obligations can lead to suspension of firm’s registration and, for the firm’s principals, a bar from the industry.

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California Private Adviser Exemption Expected to Be Effective Soon

August 15, 2012 Comments Off on California Private Adviser Exemption Expected to Be Effective Soon

The final version of California’s private fund adviser exemption–creating a new class of “exempt reporting advisers”–has been submitted for adoption and publication. Further state action is required within 30 days of submission. « Read the rest of this entry »