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GAO-11-862R 1 (2011-07-28)

handle is hein.gao/gaobadxfa0001 and id is 1 raw text is: J GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-322232 July 28, 2011 The Honorable Tim Johnson Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Spencer Bachus Chairman The Honorable Barney Frank Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Rules Implementing Amendments to the Investment Advisers Act of 1940 Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission), entitled Rules Implementing Amendments to the Investment Advisers Act of 1940 (RIN: 3235-AK82). We received the rule on June 24, 2011. It was published in the Federal Register as a final rule on July 19, 2011. 76 Fed. Reg. 42,950. The final rule and rule amendments are adopted under the Investment Advisers Act of 1940 (Advisers Act) to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These rules and rule amendments are designed to give effect to provisions of Title IV of the Dodd-Frank Act that, among other things, increase the statutory threshold for registration by investment advisers with the Commission, require advisers to hedge funds and other private funds to register with the Commission, and require reporting by certain investment advisers that are exempt from registration. In addition, the rule amendments, including amendments to the Commission's pay to play rule, address a number of other changes made by the Dodd-Frank Act. The effective date of 17 C.F.R. § 275.203A-5(a) and the amendment to 17 C.F.R. § 275.203-1 is July 21, 2011. The effective date of 17 C.F.R. § 275.204-4 and GAO-1 1-862R

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