Our Investment Management lawyers have worked on all aspects of the federal and state laws pertaining to registered investment advisers.
A registered investment adviser is a firm (or individual) that holds itself out to the public as an investment adviser. Federal or state registration is required of anyone who, for compensation and as part of a business, directly or through publications, gives advice, makes recommendations, issues reports or furnishes analysis on securities or the advisability of investing in securities. Amendments to the Investment Act Advisers Act now require many hedge fund advisers to register with the Securities and Exchange Commission ("SEC"). In addition, all SEC registered investment advisers are now required to adopt written compliance policies and procedures. Many advisers have turned to us for help in complying with these requirements.
Our lawyers provide services for entities navigating the registration process, including assisting with the preparation of an adviser's initial registration on Form ADV, coordinating registration through the Investment Adviser Registration Depository ("IARD"), drafting form documents and preparing, or assisting in the preparation of, a comprehensive compliance manual. The compliance manual consists of the written policies and procedures that will govern the conduct of the adviser's business, including the appointment of a Chief Compliance Officer and the adoption of a Code of Ethics.
Investment advisers rely on our lawyers for advice in structural, transactional and regulatory matters, as well as for a full range of other services. We also help firms and individuals comply with state law. An investment adviser with less than $100 million in assets under management is required to be registered with the state in which it has its principal office, and advisers qualifying for SEC registration often must file notice filings in the state(s) in which they do business.
Some of our lawyers are members of the National Society of Compliance Professionals ("NSCP"). All of our lawyers are able to provide advisers with tools to enable them comply with the federal and state regulatory and compliance requirements applicable to registered investment advisers.