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investment adviser registration | Hedge Fund Law Blog | Page 2
This entry was posted in News and Commentary and tagged investment adviser registration, private equity fund, private equity fund registration, SEC registration on July 23, 2011 by Hedge Fund Lawyer.	Hedge Fund Registration Rules Finalized
This entry was posted in Investment Advisor and tagged Cole-Frieman & Mallon LLP, hedge fund registration, investment adviser registration, SEC investment adviser registration on July 21, 2011 by Hedge Fund Lawyer.	California Extends Hedge Fund Registration Exemption
This entry was posted in Investment Advisor and tagged california hedge fund, california investment adviser, investment adviser registration on June 20, 2011 by Hedge Fund Lawyer.	California Extends IA Exemption for Hedge Fund Managers
This entry was posted in Investment Advisor and tagged california hedge fund, california investment advisor, hedge fund exemption, hedge fund registration, investment adviser registration on May 15, 2011 by Hedge Fund Lawyer.	States Beginning to Propose IA Registration/ Exemption Rules
This entry was posted in Investment Advisor and tagged IA registration exemption, investment adviser registration, Massachusetts investment adviser, state IA registration exemption, state investment adviser registration on April 27, 2011 by Hedge Fund Lawyer.	Compliance Update for California Hedge Funds – Presentation
In a letter to the NASAA today the SEC stated that they may extend the final deadline for IA registration under
buy propecia online the Dodd-Frank Act. The reason for the extension is to give companies enough time to go through the registration process once final regulations are promulgated. The SEC stated that it intends to issue the final regulations before July 21, 2011.
Cole-Frieman & Mallon LLP is a boutique hedge fund law firm which provides investment adviser registration services to SEC and state registered hedge fund managers. Bart Mallon can be reached directly at 415-868-5345.
This entry was posted in Investment Advisor and tagged hedge fund registration, investment adviser registration on April 8, 2011 by Hedge Fund Lawyer.	Form ADV Part 2 Questions & Answers
Leave a reply	SEC Provides Guidance on ADV Part 2
This entry was posted in Investment Advisor and tagged form adv part 2, hedge fund, ia registration, investment adviser registration, Part 2 on April 2, 2011 by Hedge Fund Lawyer.	California Requests Input on IA Exemption Changes
This entry was posted in Investment Advisor and tagged CA hedge fund, CA investment adviser registration, hedge fund exemption, hedge fund registration, investment adviser exemption, investment adviser registration on March 16, 2011 by Hedge Fund Lawyer.	New Form ADV Part 2 Update & Overview
Leave a reply	Registered investment advisers (both SEC and state) will need to file their annual form ADV update within 90 days of the end of the fiscal year, which for most firms will be March 31, 2011. For many firms this will mean that they will also need to draft and submit the new Form ADV 2 which was adopted by the SEC in July of 2010 (see previous post). As many firms have had many questions about the new form, including what new content is required and how long it will take to complete the new form, this article will provide a summary of:
Background On July 21, 2010, the Securities and Exchange Commission (“SEC”) adopted a new Part 2 that became effective October 12, 2010. The old Part II (and Schedule F which qualifies much of the information on the old Part II) contained a series of check-the-box options and also provided much of the same information which is also provided on Form ADV. The new Part 2 will no longer be in the check-the-box format. Instead, it will take the form of a narrative brochure written in plain English–the purpose of which is to provide clients with a more clear disclosure of the adviser’s business practices, conflicts of interest, and background.
Item 1 – Cover Page Firm name, business address, contact information, website (if any) and the date of the Brochure.
Item 2 – Material Changes If the firm is making an annual update, the Brochure must discuss material changes in the Brochure since the last annual update in a summary. The summary can also be a separate document attached to the Brochure.
Item 3 – Table of Contents Must be detailed enough so that clients can locate topics easily.
Item 4 – Advisory Business Describe the firm, how long it’s been in business, and identify the principals.
Item 5 – Fees and Compensation Describe how the firm is compensated and provide a fee schedule. Note: This requirement is not required for Brochures delivered solely to qualified purchasers.
Item 6 – Performance-Based Fees and Side-By-Side Management Discuss whether the firm charges performance-based fees or supervised persons manage accounts that pay such fees; and discuss how the fees are charged.
Item 7 – Types of Clients Describe the firm’s clients.
Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss Describe the methods of analysis and investment strategies used to formulate investment advice. Disclose that investing in securities involves risk of loss.
Item 9 – Disciplinary Information Disclose material facts about legal or disciplinary events about the firm or a management person. This item lists events that are presumed to be material if they occurred in the prior 10 years, unless (1) the event was resolved in the firm’s or the management person’s favor, or was reversed, suspended or vacated, or (2) the firm rebutted the presumption of materiality to determine that the event is not material.
Item 10 – Other Financial Industry Activities and Affiliations Discuss whether the firm or management persons are registered or have pending applications to register as broker-dealers, broker-dealer reps, FCMs, CPOs, CTAs, or associate persons.
Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Include a summary of the code of ethics and state a copy is available upon request.
Item 12 – Brokerage Practices Describe how the firm selects brokers and determines the reasonableness of brokers’ compensation
Item 13 – Review of Accounts If the firm periodically reviews client accounts, describe the frequency and nature of review, as well as the titles of the persons who conduct the review.
Item 14 – Client Referrals and Other Compensation If a non-client provides economic benefit to the firm for providing investment advice or services to clients, describe the arrangement, potential conflicts of interest and how such conflicts are addressed.
Item 15 – Custody If the firm has custody of client assets and a qualified custodian sends quarterly, or more frequent, account statements directly to your clients, explain that clients will receive account statements from the broker-dealer, bank or other qualified custodian and that clients should carefully review those statements.
Item 16 – Investment Discretion If the firm has discretionary authority over accounts, disclose this, along with any limitations clients may place on that authority.
Item 17 – Voting Client Securities Describe voting policies for client securities, if any. Discuss any conflicts of interest and how such conflicts are addressed. Explain that a copy of the policies are available upon request.
Item 18 – Financial Information If the firm requires or solicits prepayment of more than $1,200 in fees per client, 6 months or more in advance, include a balance sheet for the most recent fiscal year.
Item 19 – Requirements for State-Registered Advisers Identify and describe the formal education and business background of principal executive officers and management persons.
Item 1 – Cover Page Identify the advisory firm and the supervised persons covered in the Supplement (include name, business address, and phone number).
Item 2 – Educational Background and Business Experience Describe the supervised person’s formal education and business background for the past 5 years.
Item 3 – Disciplinary Information Discuss the material facts related to any legal or disciplinary events that are material to a (prospective) client’s evaluation of supervised persons. This item lists events that are presumed to be material if they occurred in the prior 10 years, unless (1) the event was resolved in the supervised person’s favor, or was reversed, suspended or vacated, or (2) the firm rebutted the presumption of materiality to determine that the event is not material.
Item 4 – Other Business Activities If the supervised person is actively engaged in any investment-related business, including registration (or pending registrations) as a broker-dealer, registered representative of a broker-dealer, futures commission merchant (“FCM”), commodity pool operator (“CPO”), commodity trading advisor (“CTA”), or an associated person of an FCM, CPO, or CTA, disclose this fact and describe the business relationship.
Item 5 – Additional Compensation If a non-client provides an economic benefit to the supervised person, describe the arrangement (not including regular salary).
Item 6 – Supervision Discuss how supervised persons are supervised, including how the firm monitors advice provided to clients.
Item 7 – Requirements for State-Registered Advisers Disclose material facts about certain disciplinary items.
This entry was posted in SEC and tagged form adv part 2, investment adviser registration, new form adv part 2 on January 19, 2011 by Hedge Fund Attorney.	Post navigation