Final SEC Investment Advisor Rules: A Dodd-Frank Reading List

On June 22, 2011 the Securities and Exchange Commission adopted final rules that, among other considerations, affect the registration of investment advisors. See the following SEC updates from lawyers and law firms on JD Supra covering compliance and other regulatory responsibilities in this matter.


SEC Adopts Final Dodd-Frank Amendment Rules Regarding Registration of Investment Advisers (Dechert LLP)

“Each of these rules [of the Investment Advisors Act], except for the exemption for advisers to venture capital funds, has been adopted in substantially the same form as previously proposed by the SEC. In addition, the SEC adopted the ‘family office’ rule, which defines those ‘family offices’ that would be excluded from the definition of investment adviser under the Advisers Act and, thus, would not be subject to regulation under the Advisers Act.” Read more »

SEC Adopts Extensive Changes to Investment Adviser Regulatory Scheme as Mandated by the Dodd-Frank Act (Sutherland Asbill & Brennan LLP)

“[The SEC]adopted new rules and rule amendments under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), which: (i) will require advisers to hedge funds and other private funds to register with the SEC; (ii) establish new exemptions from SEC registration and reporting requirements for certain advisers that are exempt from registration (“exempt reporting advisers”); and (iii) reallocate regulatory responsibility for advisers between the SEC and the states.” Read more »

Sec Adopts Dodd-Frank Act Amendments To The Investment Advisers Act Rules To Exempt Venture Capital Funds (Wilson Sonsini Goodrich & Rosati)

“Title IV [of Dodd-Frank]increases the supervision of the previously unregulated hedge fund industry, while largely leaving the status quo in place for venture capital funds…After a grace period, these new rules will require hedge funds to register with the SEC. Once registered, hedge funds will have to comply with certain restrictions and reporting requirements.” Read more »

SEC Delays Implementation Of New Rules For Investment Advisors (Loeb & Loeb LLP)

The SEC is in the process of adopting the provisions of the Dodd-Frank as they effect the Investment Advisors Act of 1940. What follows is an excellent summary of how these changes effect invesetment advisors as they do business. Read more »

Update: New FBAR Extension for Investment Managers (Foley Hoag LLP)

“In a last-minute change, officers and employees of investment advisers that are registered with the Securities and Exchange Commission, who have signature of other authority over (but no financial interest in) a foreign financial account will have until June 30, 2012, to file FBARs for calendar year 2010 and prior years for which the filing deadline was previously deferred.” Read more »

CFTC Proposes Temporary Exemptions From Certain New OTC Swap Laws (Ropes & Gray LLP)

“The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) put many over-the-counter (“OTC”) derivatives under federal regulation and directed regulators to finish implementing regulations by July 16, 2011, the Dodd-Frank Act’s general effective date. The Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC”) have announced, however, that many rules will not be in place by this date, raising concern about which parts of the Dodd-Frank Act will take effect on July 16, 2011.” Read more »

Dodd-Frank Act: Dallas CPA Society’s 7th Annual Education Conference (Jackson Walker)

“Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”); The Act was passed by Congress and was signed by President Obama on July 21, 2010; There are ten different executive compensation and corporate governance sections in the Act and many have multiple provisions; And, Many provisions require additional SEC rule-making, some of which is still pending.” Read more »

Time Running Out on Retail Currency Business for SEC-Registered Broker-Dealers (Morgan Lewis)

“As things currently stand, on July 16, when the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) becomes effective, Securities and Exchange Commission (SEC)– registered broker-dealers (BDs) will no longer be able to enter into many types of foreign currency transactions for their retail customers. Although the law is not entirely clear, there is even a question as to whether BDs may purchase foreign currency for retail customers in connection with foreign securities trades if the settlement date for the currency transaction extends beyond two days.” Read more »

OCC to Implement Dodd-Frank Preemption Rules (Mintz Levin)

“Acting Comptroller of the Currency John Walsh wrote that the OCC will be proposing changes to 2004 preemption regulations that have led to years of litigation and policy battles, to remove any ambiguity for national banks and federal thrifts. Specifically, Dodd-Frank authorizes the OCC to supervise national banks and federal chartered savings associations, and the proposed rule will be illuminating application of identical standards for banks and thrifts under the National Bank Act and the Home Owners Loan Act.” Read more »