November 25, 2015

Exempt Reporting Adviser Registration for Hedge Funds and Private Equity Funds

April 5, 2015

Ongoing RIA Compliance

Filing the ADV and other registration documents is only the beginning of an RIA’s regulatory obligations. Following registration, RIAs and their representatives become subject to a network of complex compliance obligations.  This article touches briefly on a few of  the many components of RIA compliance, including: annual license renewals,  detailed record keeping,  investor disclosure, compliance/ethics manual issues, and preparing for audits. 

October 15, 2014

RIA Registration Overview

Individuals and entities that provide securities investment advice for compensation are subject to state and federal investment advisor regulations.  Anyone providing investment advice should consult an experienced investment management attorney to determine whether state or federal registration is required.

June 12, 2014

Form ADV Part 1

The central component of  state or SEC investment advisor registration is Form ADV.  Form ADV is divided into two parts, Part 1 and Part 2.  Part 1 is a form requiring specific answers to questions asked, while Part 2 requires a written disclosure in narrative format covering certain required topics, which is ultimately delivered to existing and prospective clients. 

June 12, 2014

Form ADV Part 2

Part 2 of Form ADV is a written disclosure statement required for federal and state investment advisor registration  Form ADV is divided into Part 1 and Part 2.  This articles discusses Form ADV Part 2.  See also our article discussing Form ADV Part 1.

November 6, 2013

Must a Hedge Fund Register as an Investment Advisor?

Not all hedge funds are subject to investment advisor registration. To determine whether a fund needs to register, we ask our clients the following four questions:

1.  Will the fund invest in “securities?”

2.  What will be the size of the fund?

3.  In what state is the fund management team physically located?

4. In what states will the investors be located?