Sunshine Act

SEC Open Meeting to Consider Adoption of New Rules for Private Fund Advisers

On June 9, the SEC announced an Open Meeting scheduled for June 22 at 10:00 a.m. to consider the adoption of: (i) rules and rule amendments under the Investment Advisers Act of 1940 (Advisers Act) designed to give effect to provisions of Title IV of the Dodd-Frank Act that, among other things, increase the statutory threshold for registration of investment advisers with the SEC, require advisers to hedge funds and other private funds, including private equity funds, to register with the SEC, and address reporting by certain investment advisers that are exempt from registration; and (ii) rules that would implement new exemptions from the registration requirements of the Advisers Act for advisers to “venture capital funds” and advisers with less than $150 million in private fund assets under management in the United States. The SEC also will consider whether to adopt a rule defining “family offices” that will be excluded from the definition of an investment adviser under the Advisers Act. We will provide an analysis of the final rules adopted and other actions taken after publication. SEC Sunshine Act Meeting Notice.