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Finally, the SEC is going to take some action today on
the regulation of investment advisers, venture capital funds, and private fund
For years, they've been trying to get regulatory control
of private funds. Now they are going to get it.
Do they really want it?
Sometimes what you want to do is not a good a choice. As
a case in point, I give you a kitten crawling inside a hamster ball.
Sure it's cute. But you end up with a pissed-off kitten.
The Open Meeting for June 22 is all about the Investment
Item 1: The Commission will consider whether to adopt new
rules and rule amendments under the Investment Advisers Act of 1940 to
implement provisions of the Dodd-Frank Wall Street Reform and Consumer
Protection Act. These rules and rule amendments are designed to give effect to
provisions of Title IV of the Dodd-Frank Act that, among other things, increase
the statutory threshold for registration of investment advisers with the
Commission, require advisers to hedge funds and other private funds to register
with the Commission, and address reporting by certain investment advisers that
are exempt from registration.
Item 2: The Commission will consider whether to adopt
rules that would implement new exemptions from the registration requirements of
the Investment Advisers Act of 1940 for advisers to venture capital funds and
advisers with less than $150 million in private fund assets under management in
the United States. These exemptions were enacted as part of the Dodd-Frank Wall
Street Reform and Consumer Protection Act. The new rules also would clarify the
meaning of certain terms included in a new exemption for foreign private
Item 3: The Commission will consider whether to adopt a
rule defining "family offices" that will be excluded from the definition of an
investment adviser under the Investment Advisers Act of 1940.
The word I've heard is that the July 21, 2011 deadline
will be extended to March 31, 2012.
additional commentary on developments in compliance and ethics, visit Compliance Building,
a blog hosted by Doug Cornelius.
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