With One Month to Spare, the SEC Will Consider Final Private Fund Adviser Registration Rules

June 9, 2011

On June 22, the SEC will meet to consider adopting final rules and rule amendments to implement the requirements of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  The Commission’s press release is available at http://sec.gov/news/openmeetings/2011/ssamtg062211.htm.

Among other things, the SEC announced that it will consider final rulemaking related to:

1. The statutory threshold for SEC registration of investment advisers;
2. SEC registrations by advisers to hedge funds and other private funds;
3. Reporting requirements for exempt private fund advisers;
4. Exemptions for (a) venture capital fund advisers, (b) advisers to private funds with less than $150 million in private fund assets under management in the United States, (c) foreign private advisers; and
5. Exclusion of "family offices" from the definition of an investment adviser under the Investment Advisers Act of 1940

At this time, there is no indication whether registration will be required on July 21, 2011, or if the compliance date will be delayed.

Gibson Dunn lawyers have been working with clients to prepare for registration, and we will provide additional guidance as more information is available from the SEC.  Gibson, Dunn & Crutcher’s lawyers are available to assist in addressing any questions you may have regarding these developments.  Please contact the Gibson Dunn lawyer with whom you work or any of the following:

Washington, D.C.
Amy L. Goodman (202-955-8653, agoodman@gibsondunn.com)
K. Susan Grafton (202-887-3554, sgrafton@gibsondunn.com)
C. William Thomas, Jr. (202-887-3735, wthomas@gibsondunn.com)
Jonathan Goodman (202-887-3669, jgoodman@gibsondunn.com)

Los Angeles
Jennifer Bellah Maguire (213-229-7986, jbellah@gibsondunn.com)

© 2011 Gibson, Dunn & Crutcher LLP

Attorney Advertising: The enclosed materials have been prepared for general informational purposes only and are not intended as legal advice.