The Dodd-Frank Wall Street Reform and Consumer Protection Act raised the level for registration with the SEC and removed the commonly used exemption from registration used by private fund advisers. That means smaller traditional investment advisers will be kicked out of the SEC registration and into the state registration systems. That also means that advisers [...]
Tag Archives | Release No. IA-3110
Placement Agents and the MSRB
In addition to laying out the changes to Form ADV, in Release No. IA-3110 the SEC also took a slightly different course on regulating placement agents. Rule 206(4)-5, released in July 2010, required placement agents to either be registered with the SEC as an investment adviser and subject to the limitation on campaign contributions, or [...]
Calculating Regulatory Assets Under Management for Private Funds
For private fund managers, one troubling aspect of Form ADV had been the calculation of “assets under management” in item 5.F. If securities are less than 50% of the portfolio then the portfolio would not be a securities account. Except for real estate debt funds, most real estate funds would end up with $0. (I’m [...]
Yes, the SEC Wants Real Estate Fund Managers to Register
Earlier I had pointed out how a real estate fund manager could be considered an investment adviser and have to register with the SEC under the Investment Advisers Act. In the Proposed Changes to Form ADV published on November 19, the SEC has made it clear that real estate funds are part of the mix. [...]
Proposed Changes to Form ADV
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 No. IA-3110 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 [...]
