The Massachusetts Securities Division has amended proposed rules relating to the regulation of investment advisers. We outlined the previous proposals in our April 21, 2011 Foley Adviser - “Massachusetts Secretary of State Proposes New Regulations for Investment Advisers in response to Dodd-Frank Act.”
The amended proposal, after consideration of previously submitted public comments, makes substantive changes to (i) the definition of “institutional buyer,” (ii) the proposed private fund adviser exemption (including the introduction of a grandfathering provision), and (iii) requirements for advisers with discretion over, or custody of, client funds.
Please see full publication below for more information.