Status Exemptions Advisers

IAA Calls on SEC to Expand Definition of Accredited Investor

The Investment Adviser Association wants to see the definition of "accredited investor" amended in Regulation Ds Rule 501 to encompass a larger group of entities,including discretionary clients of SEC-registered advisers and "knowledgeableemployees" of private funds. The association made that recommendation, among others, in a comment letter to the SEC.

SEC Proposal Would Ease Exemptive Application Process

Every now and then the SEC does something that makes advisers happy. Adoption of the final ETF Rule is one example. Another might be the agency's recent proposal to make the process of applying for exemptions easier.

Associations Support FSOC Financial Institution Evaluation Changes

Asset management associations this month issued letters of strong support for proposed guidance from the Financial Stability Oversight Council (FSOC) that would alter the way the Council evaluates non-bank financial institutions - a group that includes investment advisers, investment companies and broker-dealers - in terms of their systemic risk to the countrys financial stability.

Get the Most Out of Exemptive Applications and No-Action Requests

Whether applying for a job, seeking to secure financing or sending the SEC an application for an exemptive order or a request for no-action relief, it is always wise to put your best foot forward. No sense damaging your chances with an application that is poorly written, disorganized or omits key information. There are steps that attorneys for advisers, funds and others can take to ensure their process gets off to a good start.

SEC Seeks Comments on Adviser Licensing and CE, Account Statements, Finances

Will investment adviser employees in the not-too-distant future need to be federally licensed and seek continuing education credits, required to provide account statements to clients, and meet new "financial responsibility" measures? Its quite possible, given that the Commission this month requested comments on these specific subjects.

Adviser Finds That Exemption Does Not Protect Against Enforcement

"Exempt" doesnt mean exempt from anti-fraud regulations or the SECs watchful eye. A venture capital fund adviser found this out the hard way when it reached a settlement with the agency over allegations that it misappropriated more than $18 million in investor funds.

Waivers: Aguilar Calls for Conditional Waivers, More Transparency

SEC commissioner Luis Aguilar wants the SEC to change how the Commission staff handles requests for waivers from regulatory disqualifications. More comprehensive and detailed reporting of staff waiver action, creation of a public waiver website, and the increased use of conditional waivers are among his suggestions.

Family Office FAQs Released

Wondering just where the edges of “ownership and control” might be? How far removed from the family office can key employees be found? Can your in-laws invest with you?The staff of the Division of Investment Management answered these questions and more in the Staff Responses to Questions About the Family Office (FAQs) it posted recently […]

What Can Registering Advisers Expect When They Arrive At The SEC?

As private advisers file their first Form ADVs, those applications for registration will be handled by OCIE, say sources on the staff. It is unclear, but likely that OCIE will risk assess the applications as they come in. Risk-based analysis and evaluation of a firms own risk management practices were highlighted as part of the […]

What Theyre Saying About The Proposed Registration Exemptions For Advisers To Venture Capital Funds...

As part of the Dodd-Frank Act mandates, back in November the SEC proposed three new definitions for advisers that would be exempt from registration with the SEC – venture capital funds, private fund advisers with less than $150 million in assets under management, and foreign private advisers.The comments on that proposal are in, and here […]

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.