The top five misconceptions of hedge fund compliance with Regulation D and the impact of Blue Sky laws


Friday, March 27, 2020 | By Kevin L. Caravella, Director, Blue Sky Administration

The top five misconceptions of hedge fund compliance with Regulation D and the impact of Blue Sky laws

There are a lot of common misconceptions surrounding blue sky laws. Does an offering require an initial filing with the SEC using Form D to claim an exemption from registration? Does an SEC filing preempt the blue sky law requirement to file with state/jurisdictions? If a fund only sells to accredited investors and qualified purchasers, or only sells to institutions, is state filing required? These are the topics we explored in our recent webinar, The top five misconceptions of hedge fund compliance with Regulation D and the impact of Blue Sky Laws.

I sat down with Richard Alvarez, principal of the Law Office of Richard I. Alvarez, to discuss these common misconceptions, and how to navigate securities registration and exemptions. The goal of our webinar is to provide specific takeaways and ideas you can take back to your firms on how to better handle important blue sky issues.

During the live webinar, we also took questions from participants, including:

  • Is a change to the fund administrator considered a material change?
  • Does each state have their own definition of an accredited investor, or is it based on the federal definition?
  • If a registered broker dealer is selling a private fund to a QIB does the broker dealer need to be registered in the State the QIB resides?

Those participant questions are also included in the webinar recording or can be accessed here

Download the full webinar to learn more.

SS&C’s Blue Sky service offering is designed to help clients navigate the process of state filings or claiming an exemption.



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