On May 20, 2009, the U.S. Securities and Exchange Commission (“SEC”) announced that it had filed an emergency civil action charging Wealth Management LLC (registered investment adviser), James Putman (founder, majority owner and Chief Executive Officer of Wealth Management), and Simone Fevola (former President and Chief Investment Officer of Wealth Management) with engaging in a [...]
Earlier this week, the Obama Administration called for all managers of hedge funds and other private investment pools (including private equity funds and venture capital funds) that exceeded a modest asset threshold to register with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940. Moreover, the Obama Administration proposes that [...]
In July, we told you about an SEC open meeting which would include the discussion of a new anti-fraud rule under Section 206 of the Investment Advisers Act of 1940. The new rule was aimed at advisers to pooled investment vehicles such as hedge funds. Earlier this month, the SEC adopted Rule 206(4)-8 which prohibits [...]
Posted by Bryan Hill
Thursday, August 30, 2007
During its open meeting on Wednesday, July 11, 2007, the United State Securities Commission (SEC) will consider adopting the a new anti-fraud rule under Section 206 of the Investment Advisers Act of 1940 for pooled investment vehicles such as hedge funds. As you may recall, in 2006 the U.S. Court of Appeals for the District [...]
Investment News is reporting that U.S. Senator Charles Grassley, the ranking Republican on the Senate Finance Committee, has introduced legislation that would require hedge fund managers to register as an investment advisor with the U.S. Securities and Exchange Commission.
If you are an advisor to a private fund (i.e. hedge fund or pooled investment vehicle) do you know if you are deemed to have custody? If so, is your Form ADV Part I completed correctly? According to SEC Rule 206(4)-2(c)(1)(iii), the definition of custody includes an investment advisor with “any capacity (such as a [...]
Posted by Bryan Hill
Tuesday, September 6, 2005
By now, you are probably aware that advisors to private funds (a/k/a hedge funds or pooled investments) need to register as investment advisors if they provide advice on securities to private funds. (To learn more, please read the SEC’s rule release.) The SEC is requiring these advisors to become registered by February 1, 2006. While [...]
