After Dodd-Frank, the Deluge
March 13, 2012 Comments Off on After Dodd-Frank, the Deluge
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?
CFTC Rescinds and Amends Common Registration Exemptions
March 6, 2012 Comments Off on CFTC Rescinds and Amends Common Registration Exemptions
The Commodities Futures Trading Commission (CFTC) recently issued final rules that rescind one common exemption from registration as a commodity pool operator (CPO) and that modify the reporting requirements for others. Funds relying on the existing exemptions will need to qualify for alternative exemptions or determine whether CPO registration will be required.
SEC Cautions Advisers to Address Risks of Unauthorized Trading
February 29, 2012 Comments Off on SEC Cautions Advisers to Address Risks of Unauthorized Trading
The SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert this week to help brokerage and investment advisory firms prevent and detect unauthorized trading in their client accounts. Advisers can anticipate that the SEC and other regulators will expect to see adoption of and adherence to appropriate compliance measures to address these risks.
California Rules Propose Significant Changes to Private Fund Adviser Exemption
February 24, 2012 § 4 Comments
Recently, the California Department of Corporations proposed new rules that would make widespread changes to the state’s investment advisor regulatory scheme. The proposed rules would create a significant new exemption from full registration for investment advisers that advise hedge funds in California. After Dodd-Frank, advisers with less than $100 million will come under the authority of the DoC (and these proposed rules) rather than the SEC. « Read the rest of this entry »
SEC Tightens Rules on Advisory Performance Fee Charges
February 16, 2012 § 2 Comments
As part of its continuing Dodd-Frank mandated rulemaking, the Securities and Exchange Commission recently issued final rules to raise the net worth requirement for investors who pay performance fees. The tightened standard excludes the value of the investor’s home from the net worth calculation.
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