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 »
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 »
What SEC Registration Means for Hedge Fund Advisers
May 30, 2012 Comments Off on What SEC Registration Means for Hedge Fund Advisers
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 »
Financial Services Committee Proposes Investment Adviser SROs
April 26, 2012 Comments Off on Financial Services Committee Proposes Investment Adviser SROs
Rep. Spencer Bachus (R-AL), Chair of the House Financial Services Committee, and Rep. Carolyn McCarthy (D-NY) introduced legislation–the Investment Adviser Oversight Act of 2012–that would create new self-regulatory organizations intended to provide more efficient and effective oversight of the retail investment advisory industry. « Read the rest of this entry »
Investment Advisers and Social Media
April 19, 2012 Comments Off on Investment Advisers and Social Media
Growing numbers of investment advisers and fund managers are using social media–Facebook, LinkedIn, Twitter, blogs, etc. After passage of the JOBS Act–and removal of the ban on general solicitation–we expect even more widespread use of these outlets to reach new markets and clients.
Advisers and private fund managers should recognize that these new forms of communication remain under the same antifraud, compliance, and recordkeeping requirements as traditional forms of advertising and communications. The SEC has already charged one adviser with fraud arising from offering fictitious securities through social media sites.
In recognition of the growing role of social media use by advisers, SEC staff has provided guidance for advisers when reviewing their compliance programs to address social media use. « Read the rest of this entry »
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