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Our Take Blog

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Our Take Blog
SEC Warns Smaller Advisers to Transition by December 17

SEC Warns Smaller Advisers to Transition by December 17

The SEC has sent notices to 293 mid-sized advisers (between $25 Million and $100 Million in AUM) that they have until December 17 to withdraw from SEC registration. Otherwise, the SEC will cancel their registration. The Dodd-Frank Act raised the threshold for SEC registration eligibility from $25 Million in AUM to $100 Million. The SEC also noted that 1,504 private fund advisers registered with the SEC pursuant to Dodd-Frank. Over 4000 advisers manage private funds, representing 37% of the 11,002 SEC-registered advisers. More than 2,300 mid-sized advisers have transitioned to state registration. 

OUR TAKE: The SEC has said that it only examines 9% of advisers per year and that it focuses more resources on larger, riskier advisers. So, although the actual number of SEC-registered advisers is down, the staff’s workload has increased. 
http://sec.gov/rules/other/2012/ia-3490.pdf 
http://sec.gov/news/press/2012/2012-214.htm
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