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News May 14, 2012 Issue

Upcoming Effective Dates and Deadlines

May 22 – Effective date for the revised calculation of net worth to determine "qualified client" status under the performance fee rule (Rule 205-3). Beginning May 22, advisers may not include the value of a client’s primary residence in the net worth calculation. Debt secured by the home that exceeds the property’s value or that is incurred in the 60 days prior to the client’s investment will be counted as a liability in the net worth calculation.

July 1 – Adviser services and compensation disclosures that were mandated by ERISA Section 408(b)(2) are due to ERISA plan clients. After July 1, the disclosures must be provided to new plan clients before the contract is inked.

July 15 – Initial Form PF filing due for Large ($5 billion or more AUM) liquidity fund advisers.

August 29 – Initial Form PF filing due for Large ($5 billion or more AUM) hedge fund advisers.