On 4 February 2022, Seward & Kissel, our alliance firm for hedge fund and asset management work, published a client memorandum outlining certain U.S. annual requirements applicable to their clients’ businesses, particularly investment advisers (whether or not registered with the Securities and Exchange Commission (the SEC)).
The Memorandum does not address annual requirements imposed at the state level.
The memorandum is divided into the following sections;
I. Requirements Applicable to All Advisers
A. Securities Exchange Act of 1934 Filings
B. Privacy Notice
C. New Issue Eligibility
D. Contractual Obligations
E. ERISA
F. Private Offering Exemption Filings
G. Rule 506(d)
H. TIC and BEA Reporting Requirements
II. Requirements Applicable to SEC Registered Advisers and Exempt Reporting Advisers
A. Form ADV Annual Amendment and Delivery
B. State Filings
III. Requirements Applicable to SEC Registered Advisers
A. Compliance Policies and Procedures
B. Audited Financial Statements and Surprise Exams
C. Form PF
IV. Requirements Applicable to Advisers that Trade Futures, Commodities, Certain Swaps and Other Commodity Interests
A. Commodity Pool Operators (CPOs)
B. Commodity Trading Advisors (CTAs)
For more information, please contact Devarshi Saksena, Sarah Crabb or Lucian Firth or speak to an attorney at Seward & Kissel.
