Source: http://www.goodwinprocter.com/Publications/Newsletters/Client-Alert/2011/0630_SEC-Adopts-New-Advisers-Act-Rules-and-Implements-Registration-Exemptions.aspx?article=3
Timestamp: 2014-07-23 16:16:01
Document Index: 457044247

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 9', 'art 10', 'art 11', 'art 3', 'art 1', 'art 1']

Advisers Act Alert Part 1: SEC Adopts New Advisers Act Rules and Implements Registration Exemptions Advisers Act Alert Part 2: Executive Summary Advisers Act Alert Part 3: Timing and Exemptions During the Next Year Advisers Act Alert Part 4: Foreign Private Adviser Exemption Advisers Act Alert Part 5: "Exempt Reporting Advisers" or "ERAs" Advisers Act Alert Part 6: Registration Exemption for "Venture Capital Fund" Advisers Advisers Act Alert Part 7: Registration Exemption for Private Fund Advisers Advisers Act Alert Part 8: Calculating Assets Under Management and Its Implications Advisers Act Alert Part 9: State vs Federal Registration Advisers Act Alert Part 10: Other Matters Advisers Act Alert Part 11: Resources and Appendices Advisers Act Alert Part 3: Timing and Exemptions During the Next Year
Previously Exempt Advisers. The transition rules permit an adviser relying on the legacy private adviser exemption on July 20, 2011, to delay registering with the SEC until March 30, 2012, so long as the adviser: (1) during the course of the preceding 12 months, had fewer than 15 “clients”; and (2) neither holds itself out generally to the public as an investment adviser, nor acts as an investment adviser to a registered investment company or a business development company. For these purposes, in accord with the 2006 decision in Goldstein v. Securities and Exchange Commission, each “private fund” is generally treated as a single “client.” Existing RIAs. As part of the transition process for the Dodd-Frank Act related changes to Advisers Act exemptions and the implementation of the new rules, all advisers registered on January 1, 2012, regardless of their fiscal year end, will be required to file an amendment to their Form ADV on revised Form ADV by March 30, 2012. After January 1, 2012, any adviser filing an amendment to Form ADV will be required to provide responses to revised Form ADV, which includes more detailed disclosures regarding private funds (as discussed here). After the online IARD registration system is updated to reflect the revised Form ADV (which is currently expected to occur in late 2011), all new registrants must complete the revised form. Exempt Reporting Advisers or ERAs. ERAs are not required to register as investment advisers with the SEC, but are required to file certain parts of Form ADV Part 1 each year. ERAs must file their initial reports on Form ADV Part 1 through the online IARD system between January 1 and March 30, 2012. The Exemptive Rules are effective July 21, 2011, and ERAs may begin relying on them as of such date. RIAs No Longer Eligible to Register with the SEC. Mid-sized RIAs (generally, RIAs with assets under management between $25 million and $100 million) must file their amendment to Form ADV no later than March 30, 2012 and, with certain limited exceptions, must withdraw their registration with the SEC by June 28, 2012 and transition their registration to the appropriate state securities authorities in accordance with applicable state laws. © 2014 Goodwin Procter LLP. All rights reserved. This informational piece, which may be considered advertising under the ethical rules of certain jurisdictions, is provided with the understanding that it does not constitute the rendering of legal advice or other professional advice by Goodwin Procter LLP, Goodwin Procter (UK) LLP or their attorneys. Prior results do not guarantee similar outcome. Goodwin Procter LLP is a limited liability partnership which operates in the United States and has a principal law office located at 53 State Street, Boston, MA 02109. Goodwin Procter (UK) LLP is a separate limited liability partnership registered in England and Wales with registered number OC362294. Its registered office is at Tower 42, 25 Old Broad Street, London EC2N 1HQ. A list of the names of the members of Goodwin Procter (UK) LLP is available for inspection at the registered office. Goodwin Procter (UK) LLP is authorized and regulated by the Solicitors Regulation Authority.