As part of the implementation of the Dodd-Frank Act, all investment advisers (including private equity, venture capital and hedge fund managers) with at least $25 million in assets under management must either register or update their existing registration with the SEC or their home state regulator or file a report with the SEC as an exempt reporting adviser.
Advisers that are required to register with the SEC under the new rules must file their application on Form ADV by February 14, 2012 to meet the March 30, 2012 SEC registration deadline. Importantly, advisers applying for SEC registration must implement a compliance program by the effective date of their registration.
Advisers filing with their state regulator (as well as exempt reporting advisers) must find out the state filing requirements.
Even if an adviser previously qualified for an exemption, it should now check its status under the new rules, as Dodd-Frank repealed previous exemptions and instituted a new framework.