Under Dodd-Frank, private fund advisers with more than $150 million in assets under management will generally be required to register with the SEC in the first quarter of 2012 and will be subject to all regulatory requirements under the Investment Advisers Act. Advisers solely to "venture capital funds," as newly defined, and advisers solely to private funds with less than $150 million AUM, will be exempt from registration but will be required to submit reports to the SEC and will be subject to examination and certain limited regulatory requirements under the Investment Advisers Act. Advisers who meet the new "family office" definition will be exempt from registration and reporting.
CORE provides resources, expertise and support to help private fund advisers navigate these unprecedented regulatory changes and the challenges they will encounter as a regulated firm. CORE provides general regulatory consultation/guidance, including a review of firm activities to determine whether an exemption from registration is available or whether registration with the SEC or a state regulator(s) is required. Based on this review, we provide the following specific services below: