Hedge Fund Regulation - Investment Adviser Reporting - Comment Letter - American Bar Association - January 31, 2011

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Dodd-Frank Timeline, Investment Adviser Reporting, Joint SEC-CFTC Rulemaking
Final Rule Issue Effective Date Compliance Date
November 16, 2011 March 31 2012 June 15, 2012*

Rules Implementing Amendments to the Investment Advisers Act of 1940
January 31, 2011

In the comment letter, the American Bar Association recommends:

  • a revised definition of "venture capital fund;"
  • a revised definition of "qualifying portfolio company;"
  • several issues with the foreign private adviser exemption, particularly regarding the non-exclusivity of the exemption and the $25 million threshold;
  • edits regarding "spousal equivalents," fees and double-counting clients;
  • that holders of debt securities should not be counted as investors;
  • that total return swaps by a record owner should not automatically name the securities' counterparty the beneficial owner in all cases, and that the same approach should be taken with regard to good-faith reliance transactions; and
  • that assets under management should be measured annually.

The letter also offers commentary on other topics under the private fund adviser exemption, such as U.S.-based advisers, non-U.S.-based advisers, sub-advisers and advisers to private funds in liquidation.


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