Bauchus-McCarthy Bill to Authorize IA SRO House Financial Services Committee Chairman Spencer Bachus (R-LA) and Rep. Carolyn McCarthy (D-NY) today introduced the Investment Adviser Oversight Act of 2012.  The bill would allow for the creation of a self regulatory organization (SRO) for investment advisers, similar to FINRA for broker-dealers.  Below we have [...]

The SEC’s Division of Investment Management issued a no-action letter on January 18, 2012 that provides guidance for registered investment advisers who have multiple entities in control relationships. The no-action letter affirms prior SEC guidance for investment advisers who have entities that serve as general partners and managing members to private [...]

Extension of Comment Period Delays Implementation of Private Adviser Exemption As we have advised previously, states are responding to the Federal overhaul of investment adviser registration requirements by evaluating and in some case changing their own laws governing investment advisers. This response, spearheaded by the National Association of Securities Administrators, [...]

Below is a press release on the investment adviser registration presentation we developed to help fund managers with the SEC registration requirements. **** Investment Adviser Registration Presentation for Fund Managers Released by Cole-Frieman & Mallon LLP March 30, 2012 Deadline for SEC Registration Approaches SAN FRANCISCO, CA – January 25, 2012 [...]

Hedge Fund Managers Exempt from Registration in California As a general proposition, managers who are located in California must register as an investment adviser if they are providing investment advice for compensation.  There are exemptions from the registration requirement which we have detailed previously.  Because of the changes in the [...]

New Questions Added to Form ADV Part 1 The SEC has released a new Form ADV Part 1a which includes a number of additions as described in greater depth below.  Please also see the the paper version of the new Form ADV Part 1 which is currently effective. Since enactment of the Dodd-Frank [...]

SEC v. Andrey C. Hicks and Locust Offshore Management, LLC Marketing, of course, is an issue close to the heart of every hedge fund manager. You spend so much time and effort making your pitchbook and other materials exactly right in terms of strategy, investment process and all the details [...]

If your firm is registered as an investment adviser (IA) then you may have received notice from FINRA to renew your firm’s registration for 2012. If you have not received the notice or have not paid the renewal fees, the following provides an overview of the process. Background IA firms [...]

New Lobbyist Requirements Apply to Hedge Fund Placement Agents With the enactment of AB 1743 (effective January 1, 2011) and SB 398 (effective October 9, 2011), California has imposed new requirements on persons who market investment managers and their funds to California pension plans – that is, California Public Employees’ [...]

Examination Reveals Compliance Focus Areas NASAA, the lobbying body of the various state securities divisions, recently released a set of examination findings which describe the common compliance deficiency areas for IA firms registered with the state securities commissions.  The exams, which were completed by state administrators, showcase a number of [...]