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Benedicte Gravrand, Opalesque London:
The following information was given out at a seminar in London last week organised by Katten Muchin Rosenman LLP, a U.S. law firm with an affiliate in London that specialises in corporate, financial services, litigation, real estate, commercial finance, intellectual property and trusts and estates.
U.S. regulatory structure and current legislative developments affecting hedge funds and proprietary firms
The current U.S. regulatory structure for hedge funds and proprietary trading firms includes:
I - Investment Company Act of 1940 - requires non-exempt investment companies to register with the SEC.
II - Commodity Exchange Act - requires non-exempt operators and advisory commodity pools to register.
III - Investment Advisers Act of 1940 - requires non-exempt advisers to register with the SEC.
IV - Securities Exchange Act of 1934 - requires registration of non-exempt broker-dealers (note: some hedge funds form a "captive" broker-dealer status for marketing purposes.)
V - Securities Act 1933 - requires registration of non-exempt securities that are offered to the public. Most hedge funds rely on the private placement exemption in connection with the offering of interests in the fund (and marketing must comply with Reg D).
Current U.S. securities law developments
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