The SEC has now finalized the rules implementing the Investment Advisers Act of 1940 (the “Advisers Act”) changes, which had been issued in proposed form near the end of 2010 following passage of the Dodd-Frank Act earlier that summer. These rules went into effect July 21, 2011. Fund managers who become obligated to register must do so by March 30, 2012 by filing their applications on or prior to February 14, 2012.
As we’ve discussed previously on this blog, the new Advisers Act rules will require many more fund managers to register, unless they qualify for one of the new, relatively narrow exemptions. We will be covering these rules in a series of summaries over the course of the next week or so, per the list below, so check back frequently for updates and new links:
- Venture Capital Fund Exemption (and grandfather rules for existing VC funds)
- Private Fund Advisers Exemption (Having Less Than $150 Million in Assets Under Management)
- Foreign Private Adviser Exemption
- Family Office Exemption
- Reporting Requirements of Exempt Fund Managers and Related Rules
In addition, readers can access the new rules directly using the list below:
- SEC Dodd-Frank Website
- Release 3222 – VC Fund and Private Adviser Exemptions
- Release 3221 – Technical Rules Implementing the Dodd-Frank Act
- Release 3220 – Family Office Exemption
Check back frequently as these posts will be updated/supplemented in the coming weeks. Feel free to ask questions you may have about the new rules in the comments.