SEC Commissioners to Consider Fund Advertising Rules

July 6, 2012 § 3 Comments

Although the proposed rules have yet to be released, the SEC has announced that they will be considering rules to repeal the ban on general solicitation and advertising at an August 22 open meeting. The SEC is expected to release its proposed rules sometime prior to the August meeting. « Read the rest of this entry »

SEC Will Miss Deadline for Fund Advertising Rules

June 27, 2012 § 4 Comments

According to anticipated testimony by SEC Chairman Mary Schapiro, the SEC will miss the deadline to adopt rules that would lift the ban on advertising and general solicitation by hedge funds and other private pooled investment vehicles. « Read the rest of this entry »

California Modifies Proposed Private Adviser Exemption

June 21, 2012 § 2 Comments

The California Department of Corporations has further modified its proposed rules exempting private fund managers from full investment adviser registration. The revised proposal makes the following changes to the previous version of the rule: « Read the rest of this entry »

Ready to Take Advantage of JOBS Act Changes? Be Patient

June 6, 2012 § 3 Comments

By now, most private fund managers are aware that the Jumpstart Our Business Startups (JOBS) Act instructed the SEC to remove the ban on general solicitation and advertising from the exemption that most funds rely on when offering their interests to investors. Many managers are anxious to begin advertising and expanding their marketing efforts. Doing so before the SEC issues its final rules, however, is extremely risky for a number of reasons summarized below. We caution managers to hold off until those rules are in place which is expected to be in early July. « Read the rest of this entry »

What SEC Registration Means for Hedge Fund Advisers

May 30, 2012 § Leave a comment

As noted in a previous post, the Deputy Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE) recently gave a speech that quantified some of the effects that Dodd-Frank has had on registered investment advisers. OCIE’s Deputy Director also suggested ten takeaways for advisers to hedge funds now that they are registered. The list is also a helpful reminder for previously registered advisers. « Read the rest of this entry »