The Securities and Exchange Commission has published its schedule for adopting rules to implement the Dodd-Frank Act. The proposed timetable for adopting rules related to the oversight of investment advisers and exempt offerings is as follows:
October – December 2010
- §§404 and 406: Propose (jointly with the CFTC for dual-registered investment advisers) rules to implement reporting obligations on investment advisers related to the assessment of systemic risk
- §§407 and 408: Propose rules implementing the exemptions from registration for advisers to venture capital firms and for certain advisers to private funds
- §409: Propose rules defining “family office”
- §410: Propose rules and changes to forms to implement the transition of mid-sized investment advisers (between $25 and $100 million in assets under management) from SEC to State regulation, as provided in the Act
- §418: Propose rules to adjust the threshold for “qualified client”
- §413: Propose rules to revise the “accredited investor” standard
- §926: Propose rules disqualifying the offer or sale of securities in certain exempt offerings by certain felons and others similarly situated
January – March 2011
- §913: Report to Congress regarding the study of the obligations of brokers, dealers and investment advisers
- §914: Report to Congress regarding the need for enhanced resources for investment adviser examinations and enforcement
- §919B: Complete study of ways to improve investor access to information about investment advisers and broker-dealers
April – July 2011
- §§404 and 406: Adopt rules (jointly with the CFTC for dual-registered investment advisers) to implement reporting obligations on investment advisers related to the assessment of systemic risk
- §§407 and 408: Adopt rules implementing the exemption from registration for advisers to venture capital firms and to certain advisers to private funds
- §409: Adopt rules defining “family office”
- §410: Adopt rules and form changes to implement the transition of mid-sized investment advisers (between $25 and $100 million in assets under management) from SEC to State regulation, as provided in the Act
- §418: Adopt rules to adjust the threshold for “qualified client”
- §413: Adopt rules to revise the “accredited investor” standard
- §926: Adopt rules disqualifying the offer or sale of securities in certain exempt offerings by certain felons and others similarly situated