SEC Adopts Dodd-Frank Amendments to Investment Advisers Act

WASHINGTON, D.C. - (Mealey's) The Securities and Exchange Commission adopted rules June 22 implementing "core provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding investment advisers, including those that advise hedge funds" as part of a series of changes to the Investment Advisers Act of 1940.

According to a press release announcing the adoption of the rules, the rules "require advisers of hedge funds and other private funds to register with the SEC, establishing new exemptions from SEC registrations and reporting requirements for certain advisers, and reallocate regulatory responsibility for advisers between the SEC and states."

The SEC also amended certain rules to "expand disclosure by investment advisers, particularly about the private funds they manage, and revised the Commission's pay-to-play rule."

"The rules implement a transitional exemption period so that private advisers, including hedge fund and private equity fund advisers, newly required to register do not have to do so until March 30, 2012.  The rules regarding exemptions for venture capital fund and certain private fund advisers are effective July 21, 2011," according to the press release.

A copy of the press release can be found online at http://www.sec.gov/news/press/2011/2011-133.htm.

[Editor's Note:  Full coverage will be in the June 2011 issue.  For all of your legal news needs, please visit www.lexisnexis.com/mealeys.]

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