This article covers the standard compliance policies and procedures that real estate fund managers should consider adopting, whether in consultation with attorneys who have experience with registered investment advisers (RIAs) or outside consultants who specialize in preparing compliance manuals. The list in this article is only a start; a manager’s particular real estate sector or
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act and related rules, absent an exemption, most private fund managers are required to register with the US Securities and Exchange Commission (SEC) or, in some cases, state securities authorities. Under the Advisers Act, a person acts as an investment adviser if the person is providing
By a 3-2 party-line vote, on Aug. 23, 2023, the Securities and Exchange Commission adopted some of the most significant new rules under the Investment Advisers Act of 1940, as amended, since the elimination of the old “15 or fewer” exemption that most private fund advisers had relied upon prior to the 2010 enactment of
On Aug. 5, 2020, the SEC proposed modifications to current rules and forms that would significantly change the disclosures required of mutual funds and exchange traded funds (ETFs) that report on SEC Registration Statement Form N-1A, so-called “open-ended funds.” The scheme would create a new rule, 498B, and amend several rules and forms. The rule