Since the adoption of the Private Fund Investment Advisers Registration Act of 2010 on July 21, 2010, we have only registered a handful of private fund advisers with the SEC. However, we have or are currently assisting many private fund advisors with developing a compliance program that will satisfy the Investment Advisers Act of 1940.
These advisors have made the decision to develop their compliance program, draft their ADV Part 2, and introduce their new policies and procedures over a period of time and at some point in the second quarter of 2011, pull the trigger and file ADV Part 1 to begin the registration process with the SEC.
All of this, is what the SEC refers to as the “implementation phase”. However, this only gets you to the starting line. Unfortunately, there is no finish line as compliance is a dynamic and on-going process. However, it is possible to design and establish routine and smooth processes.
Visit our SEC3 website and learn how our team of ex-SEC examiners can assist.