Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers
The Securities and Exchange Commission (the ``Commission'') is proposing rules that would implement new exemptions from the registration requirements of the Investment Advisers Act of 1940 for advisers to certain privately offered investment funds that were enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). As required by Title IV of the Dodd-Frank Actthe Private Fund Investment Advisers Registration Act of 2010, the new rules would define ``venture capital fund'' and provide for an exemption for advisers with less than $150 million in private fund assets under management in the United States. The new rules would also clarify the meaning of certain terms included in a new exemption for foreign private advisers.
Rules Implementing Amendments to the Investment Advisers Act of 1940
The Securities and Exchange Commission is proposing new rules and rule amendments under the Investment Advisers Act of 1940 to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These rules and rule amendments 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 require reporting by certain investment advisers that are exempt from registration. In addition, we are proposing rule amendments, including amendments to the Commission's pay-to-play rule, that address a number of other changes to the Advisers Act made by the Dodd-Frank Act.
Security-Based Swap Data Repository Registration, Duties, and Core Principles
In accordance with Section 763(i) of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is proposing new rules under the Securities Exchange Act of 1934 (``Exchange Act'') governing the security-based swap data repository (``SDR'') registration process, duties, and core principles.
Joint Public Roundtable on Issues Related to Capital and Margin Requirements for Swaps and Security-Based Swaps
On Friday, December 10, 2010, commencing at 1 p.m. and ending at 5 p.m., staff of the Agencies will hold a public roundtable meeting at which invited participants will discuss provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Act'') that require the Agencies to adopt rules for the capital and margin requirements applicable to swaps and security-based swaps of swap dealers, major swap participants, security-based swap dealers, and security-based swap participants. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen to the meeting by telephone. Call-in participants should be prepared to provide their first name, last name and affiliation. The information for the conference call is set forth below. U.S. Toll-Free: 877-951-7311 International Toll: 1-203-607-0666 Conference ID: 8978249 A transcript of the public roundtable discussion will be published at http://www.cftc.gov/LawRegulation/DoddFrankAct/OTC_5_ CapMargin.html. The roundtable discussion will take place in Lobby Level Hearing Room (Room 1000) at the CFTC's headquarters at Three Lafayette Centre, 1155 21st Street, NW., Washington, DC.
Acceptance of Public Submissions on a Study Mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 719(b)
The Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') was enacted on July 21, 2010. The Dodd-Frank Act, among other things, mandates that the Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') conduct a study on ``the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions which may be used to describe complex and standardized financial derivatives.'' These algorithmic descriptions should be designed to ``facilitate computerized analysis of individual derivative contracts and to calculate net exposures to complex derivatives.'' The study also must consider the extent to which the algorithmic description, ``together with standardized and extensible legal definitions, may serve as the binding legal definition of derivative contracts.'' In connection with this study, the staff of the CFTC and SEC seek responses of interested parties to the questions set forth below.
Approval of Investment Adviser Registration Depository Filing Fees
The Securities and Exchange Commission (``Commission'' or ``SEC'') is revising Investment Adviser Registration Depository annual and initial filing fees that will be charged beginning January 1, 2011. Hearing or Notification of Hearing: An order approving the IARD filing fees will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission's Secretary. Hearing requests should be received by the SEC by 5:30 p.m. on December 21, 2010. Hearing requests should state the nature of the writer's interest, the reason for the request, and the issues contested. Persons may request notification of a hearing by writing to the Commission's Secretary.
Temporary Rule Regarding Principal Trades With Certain Advisory Clients
The Securities and Exchange Commission is proposing to amend rule 206(3)-3T under the Investment Advisers Act of 1940, a temporary rule that establishes an alternative means for investment advisers who are registered with the Commission as broker-dealers to meet the requirements of section 206(3) of the Investment Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. The amendment would extend the date on which rule 206(3)-3T will sunset from December 31, 2010 to December 31, 2012.