SEC Finalizes Dodd-Frank Rules Affecting Investment Advisers: Many 'Mid-Sized Advisers' Must Transition from SEC Registration to State Registration


At an open meeting June 22, 2011 (the "June 22 Meeting"), the Securities and Exchange Commission (the "SEC" or "Commission") voted to adopt new rules and rule amendments under the Investment Advisers Act of 1940 (the "Advisers Act") that will:

• Reallocate regulatory responsibility for advisers between the SEC and the states

• Require certain advisers to hedge funds and other private funds to register with the SEC

• Establish new exemptions from SEC registration

• Establish reporting requirements for certain advisers who are exempt from registration1

In addition, the Commission amended rules and Form ADV to expand the disclosure provided by registered investment advisers and to require certain items of Form ADV to be completed and filed by "exempt reporting advisers." The SEC also adopted a new rule that exempts "family offices" from regulation under the Advisers Act and provides a definition of such entities.2 These new rules and rule and form amendments arise out of Congressional directives contained in Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act").

Below, we cover the reallocation of responsibility for mid-size advisers between the SEC and the states. Please check our website,, under the "Publications" tab for our Client Alerts relating to private fund advisers, foreign advisers, and family offices.

Please see full alert below for more information.

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Reed Smith on:

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