The Securities and Exchange Commission ("SEC") recently published a notice stating that at an open meeting to be held on June 22, 2011, the SEC will consider whether to adopt new rules and rule amendments that will implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the registration of investment advisers under the Investment Advisers Act of 1940 ("Advisers Act"). Specifically, the SEC stated in the notice announcing the meeting that it will consider and vote on whether to adopt proposed rules that would: (1) implement new registration exemptions for private fund advisers with less than US$150 million in private fund assets, venture capital fund advisers and foreign private advisers, (2) increase the statutory threshold for eligibility to register as an investment adviser with the SEC, (3) implement reporting requirements for certain exempt reporting investment advisers, and (4) define "family offices" for purposes of the family office exclusion from the definition of "investment adviser" under the Investment Advisers Act of 1940.
A link to the notice announcing the subject matter of the June 22, 2011 meeting is provided here.
While the meeting notice does not mention or discuss possible compliance dates for the rules that the SEC may adopt at the June 22, 2011 open meeting, it is anticipated based on a prior SEC staff letter issued on April 8, 2011 that the compliance dates for the new rules will be no sooner than the first quarter of 2012. However, it is also possible that the compliance dates will be pushed back further. We will closely monitor the June 22, 2011 meeting and any other SEC statements or releases relating to these new rules and their compliance dates and will provide updates as more specific information becomes available.