August 20, 2012 § 3 Comments
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.
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.
August 15, 2012 Comments Off on California Private Adviser Exemption Expected to Be Effective Soon
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 »
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 »