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SEC Moves Forward with More Dodd-Frank Rulemaking

Yesterday was another big day in the annals of Dodd-Frankdom, as the SEC adopted rules that require advisers to hedge funds and other private funds to register with the SEC. The rules also establish new exemptions from SEC registration and reporting requirements for some advisers, and change the allocation of regulatory responsibility for investment advisers between the SEC and states. The Dodd-Frank Act directed the SEC to adopt these rules in order to close a perceived regulatory gap, in that certain advisers to large hedge funds and private equity funds had been able to avoid SEC registration over the years. This fact sheet describes the new rules, and the SEC has already published the release for the rules related to the Investment Advisers Act amendments and the release for the exemptions applicable to advisers to venture capital funds, private fund advisers with less than $150 Million in assets under management, and foreign private advisers.

SEC Defines “Family Office”

In a related rulemaking, the SEC adopted a definition of “family offices” for the purposes of excluding them from the application of the Investment Advisers Act. With the package of rules adopted yesterday, the SEC has accomplished the rulemaking relating to the fund-related provisions of Title IV of the Dodd-Frank Act that will become effective on the one year anniversary of the Dodd-Frank Act on July 21, 2011.

– Dave Lynn