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Until recently, certain non-US investment advisors have been able to avoid registration relying on the 'private advisor' exemption. The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in July 2010 and effective as of July 2011, removed this exemption replacing it with following three narrower exemptions for non-US advisers.
- The Foreign Private Adviser Exemption
- The Private Fund Adviser Exemption
- The Venture Capital Fund Exemption
Unless one of these narrower exemptions applies, then as of 31st March 2012, certain non-US advisors may be required to be registered with the SEC. This update explains the new exemptions and the regulations underpinning them.
This information is intended as a general overview and discussion of the subjects dealt with. The information provided here was accurate as of the day it was posted; however, the law may have changed since that date. This information is not intended to be, and should not be used as, a substitute for taking legal advice in any specific situation. DLA Piper is not responsible for any actions taken or not taken on the basis of this information. Please refer to the full terms and conditions on our website.
Copyright © 2012 DLA Piper. All rights reserved.
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