Changes Imposed On Missouri Asset Managers By Dodd-Frank

Republished with permission of the Bar Association of Metropolitan St. Louis and The St. Louis Bar Journal.

The scope of changes impacting investment advisers and broker-dealers wrought by the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd- Frank") is significant and growing as various government agencies act to implement the law. This article highlights those changes, with a focus on investment advisers (both those who are and who are not presently required to register) whose primary operations are based in Missouri.

Investment Adviser Categories

Generally

Persons meeting the definition of "investment adviser"¹ under the Investment Advisers Act of 1940, as amended ("Advisers Act") must register as such,² unless they are exempted under §203(b) or prohibited from registration under §203A. Section 203A was added to the Advisers Act in 1996 as part of the National Securities Markets Improvement Act of 1996 ("NSMIA") in a broader