SEC Issues Notice of Intention to Cancel Registrations of 293 Investment Advisers — but Not Madoff

The Dodd-Frank Wall Street Reform and Consumer Protection Act required investment advisers managing less than $100 million to withdraw their registrations with the SEC and switch to registration with one or more state securities authorities by June 28, 2012. To date, more than 2,300 mid-sized advisers have reportedly transitioned from federal to state regulation. In an effort to finalize the transition, the Commission last Friday issued a notice identifying 293 advisers who the Commission believes that reasonable grounds exist for a finding that these firms may no longer be eligible for registration with the SEC. That is, according to the SEC, the firms may no longer be in existence, not engaged in business as investment advisers, or are prohibited from registering as investments advisers at this time because they manage less than $100 million. Read more in Forbes here.

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