Recently, the SEC indicated that two previously identified deadlines may be extended. The first is the date by which affected SEC-registered advisors must transition from SEC to state registration; and the other is the date by which general partners/managing members of certain private investment funds would be required to register as investment advisors with the SEC.
As I referenced in my last column, the SEC will put into place, on or before July 21, 2011 (as expected), rules requiring SEC-registered investment advisors with less than $100 million in “qualifying” assets under management to “switch” from SEC to state registration. While the rules will be put into place by July 21, it appears that the time for investment advisors to transition from SEC to state registration will be significantly extended.
The SEC originally proposed a 60-day period (from July 21) for SEC-registered investment advisors to make the transition from SEC to state registration. Under that proposal, all SEC-registered investment advisors would have been required to file a Form ADV amendment by Aug. 20, 2011 reflecting the firm’s assets under management. Subsequent to the amendment filing, all SEC-registered investment advisors with less than $100 million in assets under management would have been required to file a Form ADV-W no later than Oct. 19, 2011, withdrawing from SEC registration.