Securities Law Prof Blog

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

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Friday, October 19, 2012

SEC Reports on Registration of Private Fund Advisers, Notifies Mid-Sized Advisers

The SEC staff released a report on the number of advisers to private funds that have registered with the SEC pursuant to Dodd-Frank's investment adviser registration requirements.  As of Oct. 1, 2012, there are (Including the 2,557 private fund advisers who had registered previously) a total of 4,061 advisers to one or more private funds are now registered with the SEC.   A total of 11,002 investment advisers now are SEC-registered, with 37% advising hedge funds and other private funds. Assets under management at SEC-registered advisers has risen about $5.7 trillion, or 13%, even though the number of advisers fell about 15% as the Dodd-Frank Act required mid-sized advisers to move from federal to state oversight.

In addition, Dodd-Frank required mid-sized advisers to move from federal to state registration by June 28. To date, more than 2,300 mid-sized advisers – those managing less than $100 million of assets – have made the transition to state regulation.  In an effort to finalize the transition, the Commission today issued a notice identifying 293 advisers who may no longer be eligible for registration with the SEC because they manage less than $100 million or have failed to comply with other SEC requirements.  

 

 

 

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