An overview of advisers act requirements for hedge fund managers

Terrance J. O’Malley (Partner and Chairperson of Investment Management Group, New York, USA; TOMALLEY@LLGM.CM)

Journal of Investment Compliance

ISSN: 1528-5812

Publication date: 1 January 2004


A hedge fund manager typically falls within the definition of an “investment adviser” under the Investment Advisers Act of 1940 (“Advisers Act”). Persons who fall within this definition generally must register with the SEC and are subject to all applicable requirements under the Advisers Act and it related rules. However, the Advisers Act and its rules currently provide an exemption from SEC registration that is available to many hedge fund managers. In light of recent suggestions by SEC officials to greatly restrict or eliminate the exemption, this article summarizes the most significant consequences of SEC registration for hedge fund managers.



O’Malley, T.J. (2004), "An overview of advisers act requirements for hedge fund managers", Journal of Investment Compliance, Vol. 5 No. 1, pp. 50-56.

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