Deciphering the SEC’s New Definition of a “Venture Capital Fund”: Part 9 –...
This is the ninth post in a series exploring recent SEC regulations that define the term “venture capital fund” for the purposes of determining whether a fund’s manager is exempt from SEC registration...
View ArticleDeciphering the SEC’s New Definition of a “Venture Capital Fund”: Part 10 –...
This is the tenth post in a series exploring recent SEC regulations that define the term “venture capital fund” for the purposes of determining whether a fund’s manager is exempt from SEC registration...
View ArticleMassachusetts Schedules Public Hearing on Proposed Regulations on Private...
Previously, I posted a summary of the status of state investment advisor registration requirements for private fund managers in the Northeast in wake of adoption of the Dodd-Frank Act. Massachusetts...
View ArticleWhat are “regulatory assets under management” and why does a private fund...
With the new registration requirements under the Dodd-Frank Act and the enhanced reporting required of some private fund managers under Form PF, private fund managers must now make a yearly (or...
View ArticleIndiana Securities Division Updates Its Private Fund Exemption to Include...
In August 2011, the Indiana Securities Division issued an Administrative Order updating its venture capital exemption from investment adviser registration under the Indiana Uniform Securities Act to...
View ArticleCalifornia Department of Corporations Proposes New Private Fund Exemption
On December 15, 2011, the California Department of Corporations proposed revised regulations exempting certain private fund managers from investment adviser registration with the state of California....
View ArticleVirginia Division of Securities Proposes New Private Fund Exemption Based on...
On February 14, 2012, the Virginia Division of Securities and Retail Franchising proposed revised regulations exempting certain private fund managers from investment adviser registration with the...
View ArticleThe SEC Increases the Net Worth Requirement of the Definition of “Qualified...
Private fund managers who are registered with the SEC are required to follow federal regulations on performance compensation. Generally, if a registered fund manager desires to collect fees based on...
View ArticleMassachusetts Securities Division Adopts Final Private Fund Adviser Exemption...
Previously, I reported that the Massachusetts Securities Division had proposed an exemption from investment adviser registration for advisers to private funds. In late winter, the division adopted...
View ArticleMissouri Commissioner of Securities Proposes New Private Fund Exemption Based...
On April 26, 2012, the Missouri Commissioner of Securities proposed revised regulations exempting certain private fund managers from investment adviser registration with the State of Missouri....
View ArticleMaryland Securities Commissioner Issues New Order Adopting a Private Fund...
On June 15, 2012, the Maryland Securities Commissioner issued an order adopting the NASAA model rule exemption for investment advisers to private funds. Like the model rule, the new order issued by the...
View ArticleUnlikely Coalition Comes Together in Opposition to the Creation of an SRO for...
As part of the Dodd-Frank Act, Congress directed the SEC to review whether a so-called “self-regulatory organization” (or “SRO”) should be created to regulate investment advisers. Doing so would make...
View ArticleSEC Enforcement Division’s Asset Management Unit Chief Reveals New Priorities...
Bruce Karpati, Chief of the SEC Enforcement Division’s Asset Management Unit, gave a speech entitled “Enforcement Priorities in the Alternative Space” on December 18, 2012. The recently established...
View ArticleSEC Enforcement Division’s Asset Management Unit’s Chief Anticipates Increase...
Bruce Karpati, the Chief of the SEC Enforcement Division’s Asset Management Unit, held a Q&A session entitled “Private Equity Enforcement Concerns” at the Private Equity International Conference...
View ArticleSummary of the Proposed Amendments to Form ADV and Investment Advisers Act Rules
On May 20, 2015, the SEC issued proposed amendments to Form ADV and the Investment Advisers Act rules. In the release, the SEC proposed amendments to Form ADV that would require advisers to disclose...
View ArticleClik here to view.
Guide to Starting a Hedge Fund
As an investment manager looking into starting a hedge fund, you know that a successful launch is critical to standing out in the increasingly competitive investment management business. If you want to...
View ArticleClik here to view.
Intro to Private Equity Funds
A private equity fund is an investment entity formed by an investment adviser (often also referred to as a fund manager or sponsor), that raises capital from investors to make investments in private...
View ArticleClik here to view.
The Different Meanings of the Word “Registration” for Private Funds
One of the first questions that new private fund advisers often ask me is whether they will need to “register” with the SEC. They are often thinking in terms of registration as an investment adviser....
View ArticleClik here to view.
Handling Trade Errors: Best Practices for Private Fund Advisers
New investment advisers are typically focused on creating marketable investment programs and raising capital. Legal matters are often delegated to outside counsel and the adviser’s investment in...
View ArticleClik here to view.
Summary of the SEC’s New Proposed Rules Impacting Private Funds
On February 9, 2022, the Securities and Exchange Commission (SEC) proposed a significant expansion to the regulations covering private funds advisers. The new proposed rules are the most significant...
View Article
