What is an assignment under the Advisers Act?
§ 80b-2) of the Advisers Act defines the term “assignment” to include any direct or indirect transfer of an advisory contract by an adviser or any transfer of a controlling block of an adviser’s outstanding voting securities.
What is Rule 204a1?
Rule 204A-1 under the Investment Advisers Act of 1940 (“Advisers Act”) requires all investment advisors registered with the Securities and Exchange Commission (“SEC”) to adopt codes of ethics that set forth standards of conduct and require compliance with federal securities laws.
Who does the Advisers Act apply to?
The act defines an investment adviser as “any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who for compensation and as part of …
What was the main purpose of the Investment Advisers Act of 1940?
Investment Advisers Act of 1940 This law regulates investment advisers. With certain exceptions, this Act requires that firms or sole practitioners compensated for advising others about securities investments must register with the SEC and conform to regulations designed to protect investors.
Who is considered an access person?
An access person is a supervised person who has access to nonpublic information regarding clients’ purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic.
What are reportable securities?
A “reportable security” is essentially all securities of every kind except: Direct obligations of the government of the United States. Bankers’ acceptances, bank CDs, commercial paper and high-quality short-term debt instruments, including repurchase agreements. Shares issued by money market funds.
Who is exempt from registering as an investment advisor?
An investment adviser is exempt from the requirement to register with the Securities Exchange Commission under the private fund adviser exemption if it solely advises “private funds” and its total “regulatory assets under management” are less than $150 million.
What are 1940 Act funds?
A ’40 Act fund is a pooled investment vehicle offered by a registered investment company as defined in the 1940 Investment Companies Act (commonly referred to in the United States as the ’40 Act or, in some instances, the Investment Company Act (ICA).
Who is covered by section 204-40act.com?
This subsection shall apply to any investment adviser (and the persons associated with that adviser), whether the investment adviser is registered with the Commission under section 80b–3 of this title or regulated solely by a State, as described in section 80b–3a of this title.
What are the sections of the Investment Advisers Act?
Section 202 — Definitions. Section 203 — Registration of Investment Advisers. Section 203A — State and Federal Responsibilities. Section 204 — Reports by Investment Advisers. Section 204A — Prevention of Misuse of Nonpublic Information. Section 205 — Investment Advisory Contracts.
Is the Advisers Act a substitute for the advisers form?
The information in these documents should not be used as a substitute for the Advisers Act, rules, forms, and instructions to the forms (see ” Requesting Copies of the Advisers Act, Rules, Forms, Letters, and Releases” for information on obtaining these documents) .
When did the Investment Advisers Act of 1940 end?
Section 214 — Jurisdiction of Offenses and Suits Section 215 — Validity of Contracts Section 216 — [Omitted; terminated effective May 15, 2000, pursuant to § 3003 of the Federal Reports Elimination and Sunset Act of 1995 (Dec. 21, 1995), P.L. 104-66; 109 Stat. 734.]
