Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Portfolio > Alternative Investments > Hedge Funds

Get Ready for the Rule: A Special HedgeWorld Report on SEC Registration, with Analysis from 13 Law Firms

Your article was successfully shared with the contacts you provided.

Its official name is Section 203(b)(3)-2 of the Investment Advisers Act of 1940, as amended, and amended sections 203(b)(3)-1, 203A-3, 204-2, 205-3, 206(4)-2 and 222-2 of the Investment Advisers Act, and Form ADV–but you can just call it “The New Rule and the Amendments,” or just “The Rule.”

Whatever you call it, if you’re in the hedge fund industry, it’s part of your life now. And whether you regard it as friend, enemy or distant relative, you’re likely to be spending part of the next year and a month or so getting to know it better.

When the Securities and Exchange Commission issued a Dec. 2 (No. IA-2333 in the scorebook) making the Rule final (after voting to adopt the proposed rule Oct. 26) it closed out an extended drama that had its suspenseful moments, especially in some of the opening scenes, but that concluded rather predictably and to the dissatisfaction of many in the hedge fund audience.

And now, whatever the outcome one might have hoped for, the Rule stands, and hedge funds face a new requirement for registering with the SEC as investment advisers. And to help you prepare for the imposition date of Feb. 1, 2006, HedgeWorld has compiled this special supplement. In it, you will find past and current articles from that track and analyze SEC activity and its implications. You’ll also find a valuable and easy-to-use collection of interpretative articles and client memos as written and contributed by some of the leading law firms serving the hedge fund industry, along some tips on business management from a consulting firm.

To view stories individually, click on titles in the table of contents below. To view this supplement in a pdf format that contains the articles as well as the contributed pieces–which you can view and print out as one document–click on the attachment below.

We hope that this supplement will serve as a helpful guide and resource to you as you navigate the new terrain of SEC regulation.

Click here to download:

(You will need to view this file)


Section One

Reporting and Analysis from HedgeWorld

o page 3

o page 6

o page 9

o page 11

o page 15

o page 17

o page 18

o page 19

o page 21

o page 22

o page 24

o page 26

Section Two

Interpretation from Law Firms

o page 30


page 33

o page 37

o page 40

o page 46

o page 54


page 58

o page 62

o McDermott Will & Emery LLP page 66

o page 82

o page 84

o page 87

o page 92

Section Three

Management Issues

o page 118

Contact Bob Keane with questions or comments at [email protected].


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.