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 »

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 »

Dodd-Frank Leads to 50% Increase in SEC-Registered Private Fund Managers

May 15, 2012 § 1 Comment

According to comments by the Deputy Director of the SEC’s Office of Compliance Inspections and Enforcement, since passage of the Dodd-Frank Act (July 2011), the number of SEC-registered private fund advisers has grown from approximately 2,550 to approximately 4,000–an increase of 52%.

Other items of interest from the speech: « Read the rest of this entry »

Financial Services Committee Proposes Investment Adviser SROs

April 26, 2012 § Leave a comment

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 »

After Dodd-Frank, the Deluge

March 13, 2012 § Leave a comment

The Dodd-Frank Act created a wave of new registration, reporting and other regulatory burdens on investment advisers and managers of private funds. The Act has also had far-reaching effects on the SEC and state regulators as they create new registration and reporting systems and deal with shifting and growing groups of regulated entities. What might it mean for advisers and private fund managers as regulators struggle to deal with their own increased burdens?

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