Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, November 19, 2010

SEC Proposes New Rules on Investment Adviser Oversight

At its open meeting today the SEC voted to propose new rules to strengthen the SEC's oversight of investment advisers and fill key gaps in the regulatory landscape.  The SEC's proposed rules would implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that, among other things:

  • Facilitate registration of advisers to hedge funds and other private funds with the SEC.
  • Implement the Dodd-Frank Act's mandate to require reporting by certain advisers that are exempt from SEC registration.
  • Increase the asset threshold for advisers to register with the SEC.
  • Define "venture capital fund" and provide clarity regarding certain exemptions to investment adviser registration.

The SEC also proposed amendments to rules that would require disclosure of greater information by investment advisers and the private funds they manage, as well as amendments that would revise the Commission's pay-to-play rule.

The SEC is seeking public comment on the proposed rules for a period of 45 days following their publication in the Federal Register.

Here is the text of the proposals:

Rules Implementing Amendments to the Investment Advisers Act of 1940

Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers

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This is an important and very detailed rule proposal. We just posted a great breakdown of the proposed rules put together by Sullivan & Cromwell. Here is a link for anyone who is interested:

Posted by: Kara O'Brien | Dec 6, 2010 9:06:57 AM

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