TY - JOUR T1 - PE Managers as Registered Investment Advisors JF - The Journal of Private Equity SP - 8 LP - 15 DO - 10.3905/jpe.2011.15.1.008 VL - 15 IS - 1 AU - Gary Gibbons AU - Heather M. Stone Y1 - 2011/11/30 UR - https://pm-research.com/content/15/1/8.abstract N2 - The Dodd–Frank Wall Street Reform and Consumer Protection Act requires most private equity managers to register as investment advisors by March 2012. Because this is a new requirement, most PE managers have no practical knowledge of the duties and obligations that they will owe to their clients and to the SEC once they become registered. The situation is further complicated because traditional investment managers represent their clients in a fundamentally different way than the way PE fund managers represent their clients. This article describes the development of the key duties and obligations that traditional investment advisors have to their clients and discusses the new regulatory obligations and duties that registered PE managers will soon owe to their clients and the SEC.TOPICS: Private equity, manager selection, legal/regulatory/public policy, financial crises and financial market history ER -