SEC Staff Issues Report and Recommendations in Connection with Changes to the Accredited Investor Standard

Simon Riveles Accredited Investor, Dodd-Frank, SEC

By William Kelly and Simon Riveles On December 18, the SEC staff issued a report summarizing its review of the accredited investor definition. The report offers historical and current analyses of the definition, evaluates relevant comments on and suggested modifications to the definition, and considers alternative approaches under federal and state securities laws for identifying financially sophisticated investors. The report concludes with SEC staff recommendations …

SEC Provides Guidelines for Use of Social Media in Compliance with Regulation Fair Disclosure

Simon Riveles Dodd-Frank, Regulation Fair Disclosure, SEC, Social Media

By Ryan Finn and Simon Riveles In the age of Facebook, Twitter and LinkedIn, companies and their executives are increasingly using social media to interact with customers, investors and the public. This rapid change in the way public companies disseminate information has presented challenges for the Securities and Exchange Commission (the “SEC” or the “Commission”) in its application of Regulation FD (Fair Disclosure), which requires …

SEC Provides RIAs with SPVs Additional Regulatory Relief

Simon Riveles Dodd-Frank, Hedge Funds, Investment Adviser Registration, SEC, Uncategorized

In a no-action letter dated January 18, 2012, the SEC (“the Commission”) provided additional guidance and relief from registration to certain registered investment advisers (“RIAs”) with special purpose vehicles (“SPVs”). In a 2o05 no-action letter, the Commission had provided exemptive relief from investment adviser registration to SPVs created by RIAs who act as the general partner or managing member to a private fund that the …

Virginia Proposes New IA Registration Exemption for Private Fund Advisers

Simon Riveles Dodd-Frank, Hedge Funds, Private Equity Fund, Private Fund Exemption, SEC, Uncategorized

On February 14, 2012, the Virginia Division of Securities and Retail Franchising (the “Securities Division”) proposed the adoption of a new rule exempting certain managers to certain private funds based on the North American Securities Administrators Association (“NASAA”)  model exemption for investment advisers solely to private funds. The new rule would exempt advisers to private funds excluded from the definition of investment company under Section …