It turns out that failing to adhere to your investment guidelines can not only get you sued by your investor, it can get you sent to jail. Mark D. Lay ran a hedge fund whose sole investor was the Ohio Bureau of Worker’s Compensation. The fund agreement had a non-binding 150% leverage guideline. Lay apparently [...]
Tag Archives: Goldstein v. SEC
Counting Clients under the Investment Advisers Act
With the demise of The Hedge Fund Rule, you can look to Rule 203(b)(3)-1 to help you figure out how to count clients. The key part of the rule from a private investment fund perspective is (a)(2)(i): A corporation, general partnership,limited partnership, limited liability company, trust (other than a trust referred to in paragraph (a)(1)(iv) [...]
Counting Clients under the Investment Advisers Act – The Demise of the Hedge Fund Rule
Section 203(b) lays out the exceptions to registration under the Investment Advisers Act. Section 203(b)(3) exempts you if during the previous 12 months (i) you have fewer than 15 clients and (ii) you do not hold yourself out as an investment adviser. For private investment funds, the general partner is generally considered an investment adviser [...]
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