Proposed Rule 203A-1 Pursuant to Dodd-Frank Act The SEC has proposed certain new rules as well as amendments to existing rules under the Investment Advisers Act as a result of the Dodd-Frank Act.  The following proposed new rule 203A-1 will replace existing Rule 203A-1.  The new rule will provide state [...]

Seeks Public Comment on Proposed Regulations On November 19, the SEC released proposed rules with respect to the new hedge fund registration requirement under the Dodd-Frank act.  The major proposals include the following: Rules with respect to the manner and process of registration of hedge fund and private equity fund [...]

In Section 409 of Dodd-Frank Act, Congress required the SEC to define “family office” for the purpose of exempting such groups from the registration requirements under the Advisers Act.  Section 409 provides that any definition the SEC adopts should be “consistent with the previous exemptive policy” of the SEC and [...]

Below is our quarterly newsletter.  If you would like to be added to our distribution list, please contact us. **** July 31, 2010 www.colefrieman.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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]