Banking and Finance

Recent Posts

SEC to Revise Investment Adviser Rules under the Dodd-Frank Act?
Posted on 10 Jun 2011 by Asher Bearman

The SEC announced yesterday that it will be holding an open meeting on June 22, 2011, evidently to discuss new proposed changes to the new Advisers Act rules pending under Dodd Frank. For fund managers concerned about becoming subjected to Advisers... Read More

Deciphering the SEC’s New Definition of a “Venture Capital Fund”: Part 2 – The “Holding Out” Requirement
Posted on 6 Oct 2011 by Alexander Davie

This is the second post in a series exploring recent SEC regulations which define the term "venture capital fund" for the purposes of determining whether a fund's manager is exempt from SEC registration requirements under the Dodd-Frank... Read More

Venture Capital Fund Exemption from Registration under the Advisers Act (Final Dodd-Frank Act Rules)
Posted on 5 Jul 2011 by Asher Bearman

As contemplated by the Dodd-Frank Act, advisers that only manage venture capital funds will be exempt from the new registration requirements imposed upon private fund advisers under the Investment Advisers Act of 1940 (the " Advisers Act ")... Read More

Deciphering the SEC’s New Definition of a “Venture Capital Fund”: Part 1 – An Overview
Posted on 30 Sep 2011 by Alexander Davie

This is the first post in a series exploring the recent SEC regulations which define the term "venture capital fund" for the purposes of determining whether a fund's manager is exempt from SEC registration requirements under Dodd-Frank... Read More

SEC May Inspect Fund Managers - How to Prepare
Posted on 16 Sep 2011 by Asher Bearman

Recently, several developments have changed the regulatory landscape. First, beginning March 30, 2012, title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) will eliminate an exemption that many advisers to private... Read More

Reporting Requirements for Funds Exempted from Investment Advisers Act Registration
Posted on 28 Sep 2011 by Asher Bearman

As a result of the new rules under the Investment Advisers Act of 1940, even fund managers that are exempt from registration will need to file annual reports with the SEC. Exempt reporting advisers (" Exempted Advisers "), including fund... 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

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

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

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

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