TAILIEUCHUNG - Dodd-Frank Act Changes to Investment Adviser Registration Requirements

That only certain angels and entrepreneurs operate through networks has been confirmed in an older survey of the European Commission (2002), which revealed that only around 19% of contacted angels were registered with networks, and about 2% of new entrepreneurs contacted a network. Nevertheless, an update of this survey would most likely result in a higher degree of organization today. An important element of Business Angels’ activities is often, in addition to financial support, the provision of non-financial benefits, . in the form of contacts, reputation (signaling), mentoring and strategic advice, sometimes even operational collaboration (see Politis and Gabrielsson,. | Dodd-Frank Act Changes to Investment Adviser Registration Requirements The final compliance date for the provisions of the Dodd-Frank Act that amended the registration provisions of the Advisers Act was June 28 2012. See Rules Implementing Amendments to the Investment Advisers Act of 1940 http rules final 2011 . By March 30 2012 advisers to many hedge funds private equity funds and other private funds that previously were exempt from registration were required to register with the Commission exempt reporting advisers . unregistered advisers to venture capital funds and to private funds with less than 150 million in assets were required to submit reports on Form ADV for the first time and By June 28 2012 mid-sized advisers . advisers with between 25 million and 100 million in assets under management subject to examination by state regulators switching to state registration were required to amend their Form ADVs reporting that they are no longer eligible to remain registered with the Commission and complete their switch. The Division of Investment Management has prepared the following summary of the results of these changes. Unless otherwise noted all data is as of October 1 2012. Registered Private Fund Advisers. There are approximately 4 061 investment advisers that manage one or more private funds registered with the Commission of which 37 1 504 registered since the effective date of the Dodd-Frank Act July 21 2011 Fig. 1 . The staff estimates that this represents a 52 increase in registered private fund advisers 37 of all advisers currently registered with the Commission report that they advise at least one private fund. Of the 4 061 registered private fund advisers 310 8 are domiciled in a foreign country most of these 143 are domiciled in the United Kingdom Fig. 2 . Figure 1 Number of SEC-Registered Advisers to Private Funds Figure 2 Domicile of Private Fund RIAs Registered private fund advisers report to us that they advise 31 292

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