SEC Launches National Exam Program for Newly-Registered Fund Advisers

October 14, 2012 § Leave a comment

The SEC’s Office of Compliance Inspections and Examinations (OCIE) recently announced creation of the National Exam Program (NEP), a two-year initiative to conduct risk-based examinations of advisers to private funds that recently registered with the SEC (i.e., registered after Dodd-Frank). The so-called “Presence Exams” initiative will take place over three phases: engagement, examination and reporting.  « Read the rest of this entry »

SEC Proposes JOBS Act Rules to Allow Advertising in Private Offerings

August 29, 2012 § 1 Comment

At its Open Meeting today, the SEC proposed rules to allow general solicitation and advertising in connection with Rule 506 private placement offerings. Rule 506 is typically relied on by hedge funds and other private pooled investment vehicles when selling interests to investors. The rules were ordered by the JOBS Act and had been delayed by the SEC a number of times.

Issuers, intending to advertise will need to take reasonable steps to verify that their investors are accredited. In determining the reasonableness of the verification steps, issuers should generally consider the facts and circumstances of the transation. This includes, among other things:   « Read the rest of this entry »

California Private Fund Adviser Exemption Rules Approved

August 28, 2012 § Leave a comment

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 »

California Private Adviser Exemption Expected to Be Effective Soon

August 15, 2012 § Leave a comment

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 »

California Files Final Amendments to Private Fund Adviser Exemption

August 7, 2012 § 3 Comments

The California Department of Corporations has submitted its final amendments for rules creating a new exemptive framework for advisers to private funds. Once effective, the revised rule would permit advisers to private funds to file as “exempt reporting advisers” (ERAs) rather than undergoing full investment adviser registration. The rule is subject to review by the California Office of Administrative Law which generally has thirty business days to act. That review period will expire in late August 2012. « Read the rest of this entry »

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