There has been a lot of focus on the effect of Dodd-Frank
on private fund managers. Many had relied on the small adviser exception from
registration. If you had fewer than 15 clients (funds) you were exempt from
regulation. With the loss of that exclusion...
Many real estate fund managers, used to the lack of regulatory oversight, are wrestling with the implications of Dodd-Frank. One of the biggest sources of hand-wringing is whether to register as an investment adviser given the removal of the 15 clients...
Earlier I had pointed out how a real
estate fund manager could be considered an investment adviser and have to
register with the SEC under the Investment Advisers Act.
In the Proposed
Changes to Form ADV published on November 19, the SEC has made...