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News July 18, 2011 Issue

Timeline For Private Fund Adviser Registration Is "Rosy"

It's a sweetheart of a deadline.

Advisers that must now register with the SEC as a result of the Dodd-Frank Act have until March 30, 2012 to become registered.

Because the approval process takes up to 45 days with the SEC, the Commission has formally advised prospective registrants to file their applications for registration no later than February 14, 2012. Take a look at the final rule on family offices, for example. Footnote 120 says "Because initial applications for registration can take up to 45 days to be approved, family offices that determine they will need to register with the Commission should file a complete application, both Part 1 and a brochure(s) meeting the requirements of Part 2 of Form ADV, at least by February 14, 2012."

As it had been hinting since April, in an open meeting on June 22 the Commission formally announced that advisers with a new SEC registration obligation would have until the first quarter of 2012 to comply. More precisely, newly registering advisers were granted an extension of 90 days into 2012, the typical length of the first quarter.

2012 is a leap year however, so the 90-day period ends on March 30.

Shaving that one day is significant. March 31 is a Saturday, when the SEC is closed for business. A March 31 deadline would have given new registrants an additional two days on the calendar until Monday, April 2, to comply.

As it stands, new registrants must have effective registrations on that Friday, March 30. Forty-five days in advance of the March 30 compliance deadline just happens to be Valentine's Day, February 14. (Roses are red, violets are blue, my application is filed, how about you?)

Remember, it can take up to two weeks to establish the IARD (Investment Adviser Registration Depository) accounts required to file the registration application. That means new registrants should begin establishing their filing accounts no later than February 1. Go to to get started.