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The staff of the SEC's Division of Investment Management has posted Frequently Asked Questions Regarding Mid-Sized Advisers on the SEC website. The FAQ removes Minnesota from the list of states in which a mid-sized adviser would not be "subject to examination" by a state securities authority, leaving only New York and Wyoming. For a discussion of the mid-sized adviser category under the Investment Advisers Act of 1940 (the "Advisers Act") created by the Dodd-Frank Act, see the June 30, 2011 Goodwin Procter Alert, which discusses state versus federal regulation under recent Advisers Act rulemaking designed to implement changes in the federal regulation of investment advisers effected by the Dodd‑Frank Act.
Goodwin Procter LLP is one of the nation's leading law firms, with a team of 700 attorneys and offices in Boston, Los Angeles, New York, San Diego, San Francisco and Washington, D.C. The firm combines in-depth legal knowledge with practical business experience to deliver innovative solutions to complex legal problems. We provide litigation, corporate law and real estate services to clients ranging from start-up companies to Fortune 500 multinationals, with a focus on matters involving private equity, technology companies, real estate capital markets, financial services, intellectual property and products liability.
This article, which may be considered advertising under the ethical rules of certain jurisdictions, is provided with the understanding that it does not constitute the rendering of legal advice or other professional advice by Goodwin Procter LLP or its attorneys. © 2011 Goodwin Procter LLP. All rights reserved.
