Overview

UK and EU investment managers and advisers including those in the private equity, hedge fund and real estate sectors may be required to register with the US Securities and Exchange Commission from July, even if they are already authorised by the UK Financial Services Authority or another EU regulator.

Firms that register must comply with a number of federal legal and regulatory requirements, and some firms exempt from registration will still need to comply with certain record-keeping and reporting requirements.

Whilst many of the detailed provisions of implementing legislation are yet to be finalised, and there is considerable uncertainty about the scope of certain exemptions, firms consider the impact of the changes and plan for compliance, and submit applications for registration submitted by the end of March 2011.

This briefing prepared jointly by UK law firm Travers Smith and US law firm Goodwin Procter provides general guidance for non-US fund managers and advisers on the potential impact of the new requirements.