• SEC Proposes Rules Relating to Investment Adviser Registration Exemptions and Reporting Requirements
  • December 17, 2010 | Authors: Cyane B. Crump; James S. Seevers
  • Law Firm: Hunton & Williams - Richmond Office
  • On November 19, 2010, the Securities and Exchange Commission (“SEC”) proposed new rules under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), as required by Sections 403, 407, 408 and 410 of the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (“Dodd-Frank”). If adopted as proposed, the “Exemptive Release” would define the scope of the registration exemptions available to advisers to venture capital funds, advisers to private funds with less than $150 million in assets under management in the United States, and foreign private advisers. The “Implementation Release” would require reporting by certain “exempt reporting advisers” (including advisers to venture capital funds and private funds with less than $150 million in assets under management in the United States). Further, the Implementation Release would expand the reporting requirements for registered investment advisers on Form ADV.