Investment Advisers Regulation - Exemptions - Comment Letter - North American Securities Administrators Association - February 10, 2011

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Dodd-Frank Timeline, Adviser Exemptions, SEC
Comment Deadline Final Rule Issue Effective Date
January 24, 2011 July 6, 2011 July 21, 2011

Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers with Less Than $150 Million in Assets Under Management, and Foreign Private Advisers
February 10, 2011

In the comment letter, NASAA supports:

  • the flexibility to extend the timeline for the transition to state registration, per proposed rule 203A-5;
  • the "proposed relief for advisers currently registered with a state that may be approaching the $30 million threshold and newly registered advisers with assets under management in excess of $30 million but less that $100 million;"
  • the change from the current state registration threshold of 30 states to a new threshold of 15;
  • the elimination of the "buffer" in rule 203A-1;
  • the method for determining whether an adviser is required to register with a state or states, and is therefore subject to examination;
  • suggests that the SEC to coordinate with the NASAA to reach out to states regarding the upcoming required state registration of certain advisers;
  • the continuation of the IARD reporting system, even for exempt reporting advisers, to prevent the creation of an entire new system and its corresponding burden;
  • Form ADV's private fund reporting requirements and disclosure reporting amendments;
  • "Rule 222-2 and counting clients for purposes of the national de minimis;"
  • adding several categories ("Bill payment services," "Check writing services," Check cashing services," Personal budget services," and "Issuer of securities") to the list of business engagement categories; and
  • reconsidering the broad scope of "grandfathering" as listed.


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