SEC Finalizes Investment Adviser Rules under Dodd-Frank

SEC Finalizes Investment Adviser Rules under Dodd-Frank

        The SEC has now finalized the rules implementing the Investment Advisers Act of 1940 (the "Advisers Act") changes, which had been issued in proposed form near the end of 2010 following passage of the Dodd-Frank Act earlier that summer. These rules go into effect July 21, 2011, but the SEC has delayed making them mandatory until March 2012.

As we've discussed previously on this blog, the new Advisers Act rules will require many more fund managers to register, unless they qualify for one of the new, relatively narrow exemptions. We will be covering these rules in a series of summaries over the course of the next week or so, per the list below, so check back frequently for updates and new links:

  • 1. Venture Capital Fund Exemption (and grandfather rules for existing VC funds)
  • 2. Private Fund Advisers Exemption (Having With Less Than $150 Million in Assets Under Management)
  • 3. Foreign Private Adviser and Family Office Exemptions
  • 4. Reporting Requirements of Exempt Fund Managers and Related Rules

In addition, readers can access the new rules directly using the list below:

Check back frequently as these posts will be updated/supplemented in the coming weeks. Feel free to ask questions you may have about the new rules in the comments.


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