The New & Improved Registration Exemptions for Private Fund Advisers
August 4, 2011
1:00 PM – 3:00 PM ET
Description: For decades, "private fund advisers," including investment managers to hedge funds and private equity funds, have relied on Section 203(b)(3) of the Investment Advisers Act of 1940, known as the "private adviser exemption," to avoid registration with the SEC. Last year, this bulwark exemption was eliminated through the passage of Dodd-Frank. Officially, it will cease to be available July 21, 2011. But Dodd-Frank also created three new and highly specific exemptions which may be available to certain private fund advisers. The industry has anxiously awaited new rulemaking by the SEC mandated by Congress in order to flesh-out the parameters of these new exemptions. At long last, on June 22, 2011, the SEC has done just that. Critically, private fund advisers must appreciate that the new rules impose certain filing requirements on both exempt and non-exempt (that is, registering) firms. This session is designed to help private fund advisers understand the newly created exemptions from SEC registration and the circumstances of their availability. In addition, this course will cover the new reporting requirements imposed on advisers seeking to avail themselves of the new exemptions.
Registration will be a significant cultural shift for many private fund advisers. As such, it is incumbent upon any responsible private fund adviser to determine the availability of applicable exemptions and to plan to allocate internal resources as appropriate for SEC registration or, in the alternative, for reliance upon and maintenance of available exemptions from registration.
This course will also provide guidance on action items and best practices for establishing and implementing a compliance infrastructure for newly registered private fund advisers.
After completing this course you should be able to:
- Pinpoint the effect of the elimination of the "private adviser exemption"
- Identify the requirements of each new registration exemption available to certain private fund advisers sufficient to make a determination of their availability to the attendee's firm
- List the filing requirements necessary for registration as well as those required of advisers seeking to rely on one of the new exemptions
- Define the basic parameters of an SEC mandated compliance program and examine best practices for its development and implementation
For Whom: Chief Compliance Officers, Management, Compliance Staff at all levels, Internal auditors, Legal counsel, Marketing personnel
Suggested Skill Level: Intermediate
Instructional Method: Group-Internet-Based
Pre-requisites for participation: No pre-requisites are required.
Continuing Education Credits:
See NRS Continuing Education Guide
Recommended CPE Credit: 2
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