Status Exemptions Funds

SEC Exemption Proposal Would Raise Offering Limits and Streamline Process

The SEC, in a move that would ease access to capital, on March 4 proposed rule amendments to its exempt offering framework that would, among other things, raise the offering limit under a number of existing regulations, and could streamline the exempt offering process. The proposal will be open for public comment for 60 days, before being considered for adoption.

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.

SEC Will Revisit Registration Exemptions, 401(k) Private Fund Investments

The SEC is seeking public comment on ways to reform registration exemptions in order to "expand investor opportunities while maintaining appropriate investor protections." The concept release and request for comment is expected to, among other things, look at ways to ease the ability of 401(k)s and other retail investor retirement vehicles to invest in private funds.

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.

Failure to Obtain ETF Exemption May Leave Advisers Paying the Penalty

Advisers operating exchange-traded funds better know the rules of the road before moving forward. BlackRock Fund Advisors recently settled with the SEC over allegations that it missed one key requirement - and wound up paying a $1.5 million fine.

Holiday Season Brings Good News to Charitable Investment Funds

The SEC staff put a little something in charitable organizations stockings last month.

Are You Smarter Than a Law Student?

Here is part of an actual exam given by Catholic University School of Law Professors Chris Menconi and Bill Kotapish (who hold down day jobs as a law partner at Dykema Gossett and assistant director at the SECs Division of Investment Management, respectively). Answers are at the end of the quiz.1. Which of the following […]

SEC Posts Blackstone 40 Act Status Correspondence

Four months after the fact, the SEC has posted copies of its comment letters on the Blackstone IPO. The letters detail the SEC staffs questions on the firms investment company status analysis, as well as Blackstones responses. The actual data underlying Blackstone’s analysis, however, was submitted “under separate cover,” according to the firms correspondence.

SEC Staff Clarifies R&D Company Rule

Research and development companies seeking to rely on ICA Rule 3a-8 to avoid investment company status now know exactly how much of their expenses should be R&D related: 20 percent. In a July 12 interpretive letter issued to the law firm of Cooley Godward & Kronish, the SECs Division of Investment Management stated that for purposes […]

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.