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new hedge fund regulations

Mallon P.C. Quarterly Newsletter | 2nd Quarter 2010

August 2, 2010

Below is our quarterly newsletter.  If you would like to be added to our distribution list, please contact us. **** July 31, 2010 www.mallonpc.com Clients and Friends, We take this opportunity to provide you with a brief overview of the major items we have reported on over the last quarter.  While we are a little late [...]

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New Accredited Investor Definition

July 30, 2010

Fund Managers Should Amend Subscription Documents The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) immediately changed the definition of accredited investor. Prior to the enactment of the Act, an accredited investor could use the value of their primary residence to compute the $1,000,000 net worth requirement. Now, investors may not use the value [...]

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Commodity Position Limits After Dodd-Frank

July 30, 2010

CFTC to Establish Energy Position Limits The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) includes a number of key provisions which will affect the investment management industry in important ways. For example, the Act includes a mandate for the CFTC to impose position limits across different markets, including the energy markets, the agricultural [...]

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New Form ADV Part 2 Format Released

July 30, 2010

SEC Announces New Format for ADV Part 2 Advisors registered with the SEC should have received a notification from the SEC about the new Part 2 format.  We have posted that release below and the communication we received from the SEC.  We have also posted the new release as well as the instructions for the [...]

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SEC Approves ADV Part II Update

July 25, 2010

New Form to Require More Disclosure On July 21, the SEC approved changes to the Form ADV Part II which are designed to provide more and better information to investors.  Currently Part II (and Schedule F which qualifies much of the information on Part II) contains a series of check the box options and also [...]

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Obama Signs Historic Wall Street Reform Bill

July 24, 2010

Requires Hedge Fund and Private Equity Fund Managers to Register with SEC As expected President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) on Wednesday July 24, 2010.  The Act was designed to address many of the issues that led to the financial crisis of 2008 and is being hailed as [...]

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Financial Reform Bill Passes Senate

July 16, 2010

As has been widely reported, the Senate passed the Financial Reform Bill setting the stage for President Obama to sign the bill within the next week.  With respect to investment advisors, one of the central items is the private equity and hedge fund registration requirement.  We will be reporting further on the bill in the [...]

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Survey of State Securities Divisions

July 6, 2010

Are States Equipped to Handle Increased IA Registrations? Under the new financial reform bill, expected to be signed into law sometime in July 2010, the state securities divisions will play a larger role in the oversight of investment managers.  Under the current system, investment advisers (who generally provide financial planning services or investment advice to individuals) with [...]

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Pay to Play Rule Adopted by SEC

June 30, 2010

Investment Advisers Act Rule 206 (4)-5 Today the SEC approved new Rule 206 (4)-5 under the Investment Advisers Act of 1940 which prohibits investment advisers from making political contributions in certain situations.  The new rule has three essential elements: Investment advisory firms and employees are prohibited from managing assets for compensation if the adviser or [...]

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Wall Street Reform and Consumer Protection Act

June 26, 2010

Financial Reform Bill Overview & Hedge Fund Registration Requirement Well over a year after Lehman and Madoff, Congress has finally drafted a single financial reform bill which will be voted on by the House and Senate before being signed by President Obama.  Below we have reprinted an overview of the major provisions of the act. [...]

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