Banking and Finance

Recent Posts

SEC Revamps Investment Adviser Regulatory Scheme as Mandated by the Dodd-Frank Act July 22, 2011
Posted on 2 Aug 2011 by Sutherland Asbill & Brennan LLP

by Cynthia Krus & Michael Koffler I. Introduction In response to the Congressional directives contained in Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd Frank Act"), the U.S. Securities and Exchange... Read More

State Investment Adviser Registration Requirements for Private Fund Managers Part 1: The Basics
Posted on 12 Aug 2011 by Alexander Davie

This post is the first in a series discussing the issues private fund managers face with state investment adviser registration requirements and how those requirements interact with federal law. Previously, I have written about the obligations of... Read More

Have You Set Up Your IARD Account?
Posted on 24 May 2011 by Doug Cornelius

With the impending deadline for filing Form ADV to register as an investment adviser, you need to jump through some hoops before you can do the filing. First step is visiting the Investment Adviser Registration Depository . Form ADV needs to be filed... Read More

Private Fund Managers and SEC Registration
Posted on 25 Jan 2012 by Doug Cornelius

The SEC has provided a no action letter in response to an American Bar Association request on guidance for private fund managers. The ABA requested clarification that a group of funds could use a singe registration where the fund managers are in a... Read More

Will Private Equity Fund Managers Get a Registration Exemption?
Posted on 1 Feb 2012 by Doug Cornelius

Early versions of Dodd-Frank had an exemption from registration for private equity fund managers, just as there is one for venture capital fund managers. Perhaps there is some hope that the private equity exemption will once again surface? Don't... Read More

Massachusetts Is Looking to Dodd-Frank Investment Advisers and Fund Managers
Posted on 3 May 2011 by Doug Cornelius

Just to keep you on your toes if you have less than $150 million under management, states are now filling in the gaps left by Dodd-Frank. If you are under that threshold, you lose the ability to register with SEC and now have to look to at being regulated... Read More

Are Real Estate Fund Managers Registered with the SEC?
Posted on 9 May 2011 by Doug Cornelius

Last year, I looked a the top 30 real estate private equity fund managers to see which are already registered with the SEC. The 2011 version of the PERE 30 just came out, so I decided to look at the list again. (Disclosure: my company is on the list... Read More

Will Private Equity be Exempted from Registration?
Posted on 17 May 2011 by Doug Cornelius

In earlier versions of Dodd-Frank, when it was being formulated in the House committee, there was an exemption for private equity fund managers from registration under the Investment Advisers Act. It also had an exemption for venture capital fund managers... Read More

Time for the SEC to Extend a Deadline
Posted on 23 May 2011 by Doug Cornelius

Dodd-Frank set a July 21 deadline for changes to the Investment Advisers Act in Title IV: The Private Fund Investment Advisers Registration Act . This included the expiration of the private adviser exemption from registration under the Investment... Read More

Massachusetts Revises Proposed Private Fund Adviser Exemption
Posted on 11 Nov 2011 by Doug Cornelius

From my discussions, many real estate fund managers are still not sure if they are subject to registration under the Investment Advisers Act. The definition of "private fund" can exclude many real estate funds depending on the structure of... Read More

Securities Holding Companies – Registration Rules Proposed by Federal Reserve
Posted on 9 Sep 2011 by Morrison and Foerster LLP

By Dwight Smith This past Friday, the Federal Reserve Board ("FRB") proposed a new Regulation OO for the registration of companies that control registered brokers or dealers as securities holding companies ("SHCs"). Registration... Read More

The Clock is Ticking for Private Fund Managers
Posted on 13 Feb 2012 by Doug Cornelius

With a registration deadline of March 30, 2012 and a 45 day period for the SEC to review the application , private fund managers need to file their Form ADV by February 14. I know that there are fund managers still on the fence on whether to register... Read More

The Small Business Capital Access and Job Preservation Act
Posted on 16 Mar 2011 by Doug Cornelius

With the House of Representatives' change in political control, the Republicans are taking some steps to cut back on Dodd-Frank . Earlier this week the House Committee on Financial Services distributed a press release about five potential bills... Read More

  • Blog Post: The Small Business Capital Access and Job Preservation Act

    With the House of Representatives' change in political control, the Republicans are taking some steps to cut back on Dodd-Frank . Earlier this week the House Committee on Financial Services distributed a press release about five potential bills that would revise the financial service legislation...
  • Blog Post: Massachusetts Is Looking to Dodd-Frank Investment Advisers and Fund Managers

    Just to keep you on your toes if you have less than $150 million under management, states are now filling in the gaps left by Dodd-Frank. If you are under that threshold, you lose the ability to register with SEC and now have to look to at being regulated at the state level. Massachusetts used...
  • Blog Post: Are Real Estate Fund Managers Registered with the SEC?

    Last year, I looked a the top 30 real estate private equity fund managers to see which are already registered with the SEC. The 2011 version of the PERE 30 just came out, so I decided to look at the list again. (Disclosure: my company is on the list.) It was mostly re-shuffling, but three new names...
  • Blog Post: Will Private Equity be Exempted from Registration?

    In earlier versions of Dodd-Frank, when it was being formulated in the House committee, there was an exemption for private equity fund managers from registration under the Investment Advisers Act. It also had an exemption for venture capital fund managers. Only the venture capital exemption managed...
  • Blog Post: Time for the SEC to Extend a Deadline

    Dodd-Frank set a July 21 deadline for changes to the Investment Advisers Act in Title IV: The Private Fund Investment Advisers Registration Act . This included the expiration of the private adviser exemption from registration under the Investment Advisers Act, the addition of an new exemption for...
  • Blog Post: Have You Set Up Your IARD Account?

    With the impending deadline for filing Form ADV to register as an investment adviser, you need to jump through some hoops before you can do the filing. First step is visiting the Investment Adviser Registration Depository . Form ADV needs to be filed electronically and this is the electronic mailbox...
  • Blog Post: SEC Revamps Investment Adviser Regulatory Scheme as Mandated by the Dodd-Frank Act July 22, 2011

    by Cynthia Krus & Michael Koffler I. Introduction In response to the Congressional directives contained in Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd Frank Act"), the U.S. Securities and Exchange Commission ("SEC" or "Commission"...
  • Blog Post: State Investment Adviser Registration Requirements for Private Fund Managers Part 1: The Basics

    This post is the first in a series discussing the issues private fund managers face with state investment adviser registration requirements and how those requirements interact with federal law. Previously, I have written about the obligations of private fund managers who are exempt from registration...
  • Blog Post: Securities Holding Companies – Registration Rules Proposed by Federal Reserve

    By Dwight Smith This past Friday, the Federal Reserve Board ("FRB") proposed a new Regulation OO for the registration of companies that control registered brokers or dealers as securities holding companies ("SHCs"). Registration would not be required or necessary for companies that...
  • Blog Post: Massachusetts Revises Proposed Private Fund Adviser Exemption

    From my discussions, many real estate fund managers are still not sure if they are subject to registration under the Investment Advisers Act. The definition of "private fund" can exclude many real estate funds depending on the structure of their investments. I think the result is that you...
  • Blog Post: Private Fund Managers and SEC Registration

    The SEC has provided a no action letter in response to an American Bar Association request on guidance for private fund managers. The ABA requested clarification that a group of funds could use a singe registration where the fund managers are in a control relationship and conduct a single advisory...
  • Blog Post: Will Private Equity Fund Managers Get a Registration Exemption?

    Early versions of Dodd-Frank had an exemption from registration for private equity fund managers, just as there is one for venture capital fund managers. Perhaps there is some hope that the private equity exemption will once again surface? Don't count on it. Although I appreciate the efforts...
  • Blog Post: The Clock is Ticking for Private Fund Managers

    With a registration deadline of March 30, 2012 and a 45 day period for the SEC to review the application , private fund managers need to file their Form ADV by February 14. I know that there are fund managers still on the fence on whether to register or not. The trouble came from Title IV of...