The Securities and Exchange Commission voted on Friday to propose new rules to strengthen the agency’s oversight of investment advisors as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
These rules include requiring advisors to register with the SEC, to file reports about their business activities to the Commission (even if they are exempt from SEC registration because they have fewer than 15 clients), and to define “venture capital fund.” The proposed rules also would increase the asset threshold for advisors to register with the SEC and would require the disclosure of more information by investment advisors and the private funds they manage. Amendments were proposed as well that would revise the Commission's pay-to-play rule.
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