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 [...]

Hedge Fund Strategies Employed by Mutual Funds Since the financial crisis of 2008, a growing number of retail investors have sought access to more sophisticated investment strategies to protect against downside risk.  Most retail investors are not eligible to invest directly in hedge funds so they have turned to mutual [...]

Seeking Opinions on How to Pass to the Series 65 Exam I am hoping readers of this blog would be able to provide some feedback on their experiences with the Series 65 exam. As a little background, many of our firm’s clients are managers who will be state registered investment [...]

Moss Adams Event on September 26, 2011 On September 26, 2011 Bart Mallon, co-managing partner of Cole-Frieman & Mallon LLP, is scheduled to speak on a panel with respect to recent regulatory issues affecting asset managers. The panel is entitled “Dodd-Frank and the Impact on the Asset Management Business” and [...]

SEC Releases New Rule on Family Offices for IA Registration Exclusion The Dodd-Frank Act created a new “family office” exclusion from the definition of investment adviser because the private advisor exemption was repealed.  While Congress believed that family offices should not be subject to the SEC registration requirements, it did [...]

Small Business Capital Access and Job Preservation Act Moves Toward Vote The SEC recently finalized the new investment adviser registration regulations and under those regulations private equity fund managers will be required to be registered with the SEC.  However, Congress has recently been taking steps that may ultimately mean that [...]

Registration required by March 30, 2012 We are obviously a bit late on reporting that the hedge fund registration regulations were finalized by the SEC recently (see releases at end of the post).  We are not going to detail all aspects of the regulations in this post, but we will [...]

Emergency Action “Necessary” because of SEC Inaction The California Department of Corporations has provided a temporary six-month extension of Section 260.204.9 which exempts hedge fund managers from registration in California if the manager has more than $25M of AUM.  The exemption will be slightly modified to account for the changes to federal [...]

Will Wait for SEC Final Registration Regulations to Propose New Rules California currently has an exemption from the registration requirements for certain fund managers with more than $25M of AUM (Rule 260.204.9).  Back in March California requested input from the investment management community on how they might change the registration [...]