SEC Open Meeting, November 19, 2010

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Dodd-Frank Timeline, Rules Implementing Amendments to the Investment Advisers Act of 1940, SEC
Final Rule Issue Effective Date Compliance Date
July 19, 2011 September 19, 2011 March 30, 2012
Dodd-Frank Timeline, Adviser Exemptions, SEC
Comment Deadline Final Rule Issue Effective Date
January 24, 2011 July 6, 2011 July 21, 2011
Dodd-Frank Timeline, Swap Data Repository Registration, Duties and Core Principles Regulation, SEC
Reopened Comment Period Deadline Final Rule Issue Effective Date
July 22, 2013 March 19, 2015 May 18, 2015
Dodd-Frank Timeline, Real Time Public Reporting of Swap Transaction and Pricing Data, SEC
Final Rule Issue/New Proposal Proposal Comment Deadline Effective Date, Final Rule
March 19, 2015 May 4, 2015 May 18, 2015

The U.S. Securities and Exchange Commission (SEC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning:

  • amendments to the Investment Advisers Act of 1940;
  • exemptions for advisers to venture capital funds, private fund advisers with less than $150 million in assets under management, and foreign private advisers;
  • security-based swap data repository registration, duties, and core principles; and
  • reporting and dissemination of security-based swap information through Regulation SBSR.

Archived webcast:

Meeting Summary

Topics of Discussion

  • "Rules and rule amendments that are designed to give effect to provisions of Title IV of the Dodd-Frank Act that, among other things, increase the statutory threshold for registration by investment advisers with the Commission, require advisers to hedge funds and other private funds to register with the Commission, and address reporting by certain investment advisers that are exempt from registration."
  • "Rules that would implement new exemptions from the registration requirements of the Investment Advisers Act of 1940 for advisers to venture capital funds and advisers with less than $150 million in private fund assets under management in the United States."
  • Rules "governing the security-based swap data repository registration process, the duties of such repositories, and the core principles applicable to such repositories."
  • Regulation SBSR "to provide for the reporting of security-based swap information to registered security-based swap data repositories or the Commission and the public dissemination of security-based swap transaction, volume, and pricing information."

Related Documents

Rules Implementing Amendments to the Investment Advisers Act of 1940

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Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers

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Read proposed rule.png

Security-Based Swap Data Repository Registration, Duties, and Core Principles

Read comment letters.png
Read proposed rule.png

Regulation SBSR—Reporting and Dissemination of Security-Based Swap Information

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Read proposed rule.png


Commissioner Luis A. Aguilar, whose statements include:

  • Key questions answered by the proposed legislation--
  1. "How to create and expand an existing Advisers Act regime with so many new categories... exempt but reporting advisers, mid-sized state-registered advisers, and venture capital fund advisers?"
  2. "How to build a regime that protects investors while simultaneously proposing exemptions from SEC registration for certain entities?"
  • Commentary concerning the investment adviser proposal's effect on assets under management, the first public database of private fund information and venture capital exemption.
  • Support for the swap data reporting and dissemination proposals.

Chairman Mary L. Schapiro, whose statements include:

  • A summary of the registration requirement for advisers to hedge funds and other private funds.
  • Noting the benefits of enhancing information regarding private funds.
  • A definition of "venture capital fund."
  • A summary of the reporting expected of venture capital advisers and advisers with $150 million in private fund assets, per the proposed rules.
  • Addressing "the need to allocate regulatory resources more efficiently between the SEC and state regulators."
  • An outline of security-based swap repository requirements.
  • An explanation of Regulation SBSR.

Commissioner Kathleen L. Casey, whose statements include:

  • Support for the proposal defining "venture capital fund."
  • "Significant" concerns regarding the changes to the Investment Advisers Act.
  • Support for Regulation SBSR and the swap data repository rules.
  • "Taken together, these rules will provide the framework around which we hope a vibrant system of data reporting and dissemination will develop for the benefit of market participants and regulators."

Commissioner Troy A. Paredes, whose questions and statements include:

  • "What is a 'venture capital fund' for purposes of the Section 203(l) VC registration exemption?"
  • "Mounting regulatory mandates can erect barriers that discourage entry by new venture capital funds."
  • "Additional regulation runs the risk of jeopardizing the benefits that venture capital contributes to our economy. To the extent venture capital funds are required to bear more regulatory burdens, I am concerned that their activities will be impeded, frustrating capital formation."
  • Additional comments regarding venture capital funds.
  • A range of questions concerning security-based swap repositories, as well as the reporting and dissemination of security-based swap information.

Commissioner Elisse B. Walter, whose statements include:

  • Noting the importance of advisers providing critical information for regulatory purposes.
  • Support for Form ADV.
  • Highlighting the amended "pay to play" rule in order to accommodate changes made by Dodd-Frank.


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