Notice of SEC Open Meeting on June 22, 2011

June 10, 2011

The SEC has given notice that it will be holding an Open Meeting on June 22, 2011 to discuss:

  1. whether to adopt 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, including to, among other things, increase the statutory threshold for registration of investment advisers with the SEC, require advisers to hedge funds and other private funds to register with the SEC, and address reporting by certain investment advisers that are exempt from registration,
  2. whether to adopt rules that would implement new exemptions from the registration requirements of the Investment Advisers Act of 1940 for advisers to venture capital funds and advisers with less than $150 million in private fund assets under management in the United States, and to clarify the meaning of certain terms included in a new exemption for foreign private advisers, and
  3. whether to adopt a rule defining “family offices” that will be excluded from the definition of an investment adviser under the Investment Advisers Act of 1940.

We will be monitoring the Open Meeting carefully and will apprise you of any developments (including any relating to the deferral of the July 21st investment adviser registration date).

If you have any questions, please contact your primary attorney in Seward & Kissel’s Investment Management Group.