Written by Bruce Frumerman, guest contributor Bruce Frumerman is the CEO of Frumerman & Nemeth Inc., a communications and sales marketing consultancy that assists financial services firms create brand identities for their organizations and develop and implement effective new marketing strategies and programs. In the article below, Mr. Frumerman offers…
Written by Jay Gould, Ildiko Duckor and Michael Wu Effective on September 19, 2011, investors that pay performance fees to an adviser must either have at least $1 million managed by the adviser or a net worth of at least $2 million. As mandated by the Dodd-Frank Act, the SEC today issued…
Written by Jay Gould and Michael Wu On June 22, 2011, the Securities and Exchange Commission (SEC) adopted final rules that implement provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) amending the Investment Advisers Act of 1940 (the “Advisers Act”). The…
Written by Jay Gould and Michael Wu On March 2, 2011, Pillsbury’s Investment Fund and Investment Management group (“Pillsbury IFIM Group”) submitted a comment letter to the North American Securities Administrator’s Association (the “NASAA”) on behalf of the California Hedge Fund Association and the Florida Alternative Investment Association. The letter…
Written by Michael Wu California’s Department of Corporations (the “Department”) intends to issue emergency regulations to address the elimination of the “private adviser exemption” under Section 203(b)(3) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Currently, an investment adviser in California may rely on the private adviser exemption…
Written by Michael Wu In early March, Pillsbury submitted a comment letter to the North American Securities Administrators Association (NASAA) on behalf of the private fund industry regarding NASAA’s proposed model custody rule. Please see here for more information. NASAA has recently confirmed that it has changed a key component…
Written by Michael Wu On April 8, 2011, the Associate Director of the SEC stated in a letter to the President of the North American Securities Administrators Association (NASAA) that the SEC may extend certain deadlines imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Specifically,…
Written by Jay Gould, Ildi Duckor and Michael Wu On March 18, 2011, the Securities and Exchange Commission released new guidance regarding Form ADV. The SEC’s Q&As can be found here. The most significant development pertains to a registered adviser’s obligation to deliver Part 2. Specifically, Question III.2 reads as…
Written by Jay Gould and Michael Wu Pillsbury’s Investment Fund and Investment Management group recently submitted a comment letter to the North American Securities Administrator’s Association (the “NASAA”) on behalf of the private investment fund industry. Specifically, the letter to the NASAA was intended to provide comments regarding the proposed…
Written by Ildiko Duckor and Michael Wu The Commodity Futures Trading Commission (the “CFTC”) recently issued a proposed rule regarding commodity pool operators (“CPOs”) that would rescind the exemptions from CPO registration under CFTC Rules 4.13(a)(3) and 4.13(a)(4). These exemptions are widely used by hedge fund and other private fund managers advising…