New York (HedgeCo.net) – The SEC has finished voting on key proposals to the Dodd-Frank Act, according to regulatory compliance consulting firm, FrontLine Compliance, LLC. Specific to Title IV of Dodd-Frank, the proposals include mandatory registration of advisers to hedge funds and other private funds with the SEC, as well as increasing the asset threshold for advisers to register with the SEC.
Highlights of these rule proposals include:
- SEC registration to be required for advisers to hedge funds, private equity funds and other private funds with assets under management of $150 million or more – effective July 21, 2011
- Exemptions include advisers to certain types of private funds such as venture capital funds
- States to oversee advisers currently registered with the SEC with assets between $25-$100 million – these advisers must file Form ADV amendments by August 20, 2011 and withdraw SEC registration no later than October 19, 2011
- After January 1, 2011, and during the transition period through October 19, 2011, new advisers with assets under management between $30-$100 million that are required under current rules to register with the SEC, may elect to register with the state where it has its principal office instead of with the SEC
View SEC Rule Proposal (pdf)
Editing by Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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