Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE

The SEC adopted new rule 204-4, which requires exempt reporting advisers to file portions of Form ADV with the SEC.  As with registered advisers, exempt reporting advisers (including exempt advisers to venture capital funds, private equity funds and hedge funds) must file portions of Form ADV through the Investment Adviser Registration Depository system (“IARD”) and pay the Financial Industry Regulatory Authority (“FINRA”), which operates the system, a filing fee that the SEC approves. FINRA has submitted to Commission staff a letter recommending that the filing fee for exempt reporting advisers be set at $150 for each initial and annual report.  The SEC has approved this fee. 

The SEC and the Commodity Futures Trading Commission, or CFTC, also released a joint proposal that would require hedge fund advisers and other private fund advisers to report certain information regarding the private funds they advise. The proposal would require advisers to file Form PF electronically but left the selection of the filing system and operator for later consideration.  Having considered the options for such a filing system, the SEC has determined that, if Form PF is adopted, FINRA will develop and maintain the filing system as an extension of the existing IARD. Under the proposal, registered investment advisers managing one or more private funds would periodically file all or part of the proposed Form PF.  The SEC has also approved recommended fees of $150 for the proposed quarterly filings and $150 for the proposed annual filings of Form PF.


Check frequently for updates on the Dodd-Frank Act and other important securities law matters.

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