SEC Open Meeting: 22 June 2011

On 22 June, the SEC will consider and, as expected, adopt new exemptions from registration as an investment adviser under the US Investment Advisers Act of 1940.

The SEC will hold an Open Meeting on 22 June at which time it will consider and take action on the following items involving new rules and rule amendments under the Investment Advisers Act of 1940 to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act:

 

• increase the US Dollar amount threshold for registration of investment advisers with the SEC from $25,000,000 to $100,000,000;
• adopt a new exemption from SEC registration for "Foreign Private Advisers"; adopt a new exemption from SEC registration for " Private Fund Advisers";
• adopt a new exemption from SEC registration for "Family Offices";
• adopt a new exemption from SEC registration for advisers to certain venture capital funds;
• create a new category of "Reporting Exempt Advisers" that includes Foreign Private Advisers and advisers to certain venture capital funds with Form ADV filing and record keeping requirements;
• clarify the meaning of certain terms included in a new exemption for Foreign Private Advisers;
• make other changes to key Advisers Act rules and defined terms.

These changes are the most significant in the last 30 years. CompliGlobe will be in attendance at the Open Meeting and will circulate a briefing note and a set of PowerPoint slides summarising these changes.

CompliGlobe will also host a webinar and a series of client meetings in the following locations to brief our clients and friends:

Client briefings

• London: Wednesday, 29 June
• Dublin: to be confirmed
• Geneva: to be confirmed
• Zurich: to be confirmed
• Jersey: Wednesday, 8 July
• Hong Kong: Monday, 18 July
• Singapore: Thursday, 21 July
• Tokyo: to be confirmed

 

• Webinar: Thursday 7 July

If you would like to attend any of these briefings, join the webinar, receive information on these or other developments, please contact us