The SEC has released its proposed changes to Form ADV to
better deal with private fund registration and the exempt, but reporting
required of venture capital funds: Release
The Securities and Exchange Commission is proposing 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 by investment advisers with the
Commission, require advisers to hedge funds and other private funds to register
with the Commission, and require reporting by certain investment advisers that
are exempt from registration. In addition, we are proposing rule amendments,
including amendments to the Commission's pay to play rule, that address a
number of other changes to the Advisers Act made by the Dodd-Frank Act.
additional commentary on developments in compliance and ethics, visit Compliance Building,
a blog hosted by Doug Cornelius.