TAILIEUCHUNG - Rules Implementing Amendments to the Investment Advisers Act of 1940

We also examine the determinants of the return gap. We find that estimated trading costs are negatively related to the return gap. Also, most funds in our sample exhibit relatively large correlations between the hypothetical holdings returns and the investor returns, indicating that their actual investment strategies do not differ significantly from their disclosed strategies. However, some funds have relatively low correlations between holdings and investor returns. Our findings indicate that such opaque funds tend to exhibit particularly poor return gaps, which suggests that these funds may be subject to more agency problems, inducing them to camouflage their actual portfolio strategies. Further, we show that the return gap is positively. | CORRECTED TO CONFORM TO FEDERAL REGISTER VERSION SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 275 and 279 Release No. IA-3221 File No. S7-36-10 RIN 3235-AK82 Rules Implementing Amendments to the Investment Advisers Act of 1940 AGENCY Securities and Exchange Commission. ACTION Final rule. SUMMARY The Securities and Exchange Commission is adopting 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. These rules and rule amendments are designed to give effect to provisions of Title IV of the Dodd-Frank Act that among other things increase the statutory threshold for registration by investment advisers with the Commission require advisers to hedge funds and other private funds to register with the Commission and require reporting by certain investment advisers that are exempt from registration. In addition we are adopting rule amendments including amendments to the Commission s pay to play rule that address a number of other changes made by the Dodd-Frank Act. DATES Effective dates The effective date of 17 CFR and b and c amendments to 17 CFR 4 -5 and and amendments to Forms ADV ADV-E ADV-H and ADV-NR referenced in 17 CFR part 279 is September 19 2011. The effective date of 17 CFR a and the amendment to 17 CFR is July 21 2011. 17 CFR a 11 -1 b 3 -1 b 3 -2 and are removed effective September 19 2011. -2- Compliance Date See section III of this Release. FOR FURTHER INFORMATION CONTACT David P. Bartels Attorney-Adviser Michael J. Spratt Attorney-Adviser Jennifer R. Porter Senior Counsel Devin F. Sullivan Senior Counsel Melissa A. Roverts Branch Chief Matthew N. Goldin Branch Chief or Daniel S. Kahl Assistant Director at 202 551-6787 or IArules@ Office of Investment Adviser Regulation Division

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