SEC Adopts Rules to Implement the Private Fund Investment Advisers Registration Act


On June 22, 2011, the Securities and Exchange Commission (“SEC”) adopted rules to implement certain provisions under the Private Fund Investment Advisers Registration Act of 2010 (the “Registration Act”), which was signed into law as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”). These new rules effect significant changes to the existing registration and reporting regime applicable to both registered and unregistered advisers under the Investment Advisers Act of 1940 (the “Advisers Act”). Among other things, the rules:

1. Extend the date by which advisers relying on the “private adviser exemption” must register with the SEC to March 30, 2012;

2. Clarify the scope of new exemptions from registration for certain advisers, including exemptions for advisers solely to venture capital funds, advisers solely to private funds managing less than $150 million in assets in the United States, and foreign private advisers;

3. Clarify eligibility requirements for registration as an investment adviser with the SEC for advisers with less than $100 million in assets under management (certain of these clarifications would also affect advisers with greater than $100 million in assets under management);

4. Set forth reporting requirements for certain advisers exempt from registering with the SEC;

5. Expand the information required to be provided by registered investment advisers on Form ADV, including by establishing substantial new reporting requirements with respect to each private fund advised by a registered adviser; and

6. Amend the political contribution rules adopted by the SEC in 2010.

A summary of the final rules and other amendments implementing the Registration Act appears below. The SEC’s rules implementing the Registration Act may be found here and here.

Please see full article below for more information.

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