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 [...]

Massachusetts Proposes Registration Requirement for 3(c)(1) Fund Managers As we discussed earlier in our post of state regulation of expert networks, the states are beginning to propse rules for investment advisers based on changes to the federal securities laws as a result of the Dodd-Frank Act (see California Request for [...]

As part of the Hedge Fund Networking Summit Webcast Series, Bart Mallon of Mallon P.C. led an hour long presentation on compliance matters for California based hedge fund managers.  The presentation covered the following topics: New SEC and CA Hedge Fund Registration Requirements Registration Overview & Major Issues Compliance Overview [...]

In a letter to the NASAA today the SEC stated that they may extend the final deadline for IA registration under the Dodd-Frank Act.  The reason for the extension is to give companies enough time to go through the registration process once final regulations are promulgated.  The SEC stated that [...]

SEC Provides Guidance on ADV Part 2 Many SEC and state registered investment advisers have completed the new Form ADV 2 as part of the annual updating amendment.*  The SEC recently published guidance with respect to certain aspects of the new form.  The question and answer style guidance deals with [...]

Seeks to Raise IA Exemption Threshold to $100MM AUM In an Invitation for Comments released today, California officially seeks comments to change its rules with respect to hedge fund managers and a certain exemption from investment adviser registration.  California currently exempts from registration those investment advisers with a place of [...]

Registered investment advisers (both SEC and state) will need to file their annual form ADV update within 90 days of the end of the fiscal year, which for most firms will be March 31, 2011.  For many firms this will mean that they will also need to draft and submit [...]

As we noted previously, registered investment advisory firms and firm representatives must renew their registration annually by paying a fee to FINRA.  In November FINRA issued a Preliminary Renewal Statement for each registered IA firm which stated the amount of renewal fees which were due by December 13, 2010. While [...]

SEC Proposed Rule 203(m)-1 under Investment Advisers 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. New Advisers Act Section 203(m)-1 provides an exemption from registration with the SEC to those groups [...]