The Securities and Exchange Commission has voted to propose new rules to strengthen the SEC's oversight of investment advisers and fill important gaps in the regulatory landscape.
The SEC's proposed rules would implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that, among other things, facilitate registration of advisers to hedge funds and other private funds with the SEC. implement the Dodd-Frank Act's mandate to require reporting by certain advisers that are exempt from SEC registration; increase the asset threshold for advisers to register with the SEC; and define "venture capital fund" and provide clarity regarding certain exemptions to investment adviser registration.
The SEC also proposed amendments to rules that would require disclosure of greater information by investment advisers and the private funds they manage, as well as amendments that would revise the Commission's pay-to-play rule.
"The enhanced information envisioned by these proposed rules would better enable both regulators and the investing public to assess the risk profile of an investment adviser and its private funds," said SEC Chairman Mary L. Schapiro in a statement.
The SEC is seeking public comment on the proposed rules for a period of 45 days following their publication in the Federal Register.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access