The Dodd-Frank Wall Street reform act requires certain advisers that provide advice with respect to real estate and real estate-related investments to register as an investment adviser with the Securities and Exchange Commission (SEC) or one or more states.         

Generally, an investment adviser must register with the SEC if it has more than $110 million in assets under management (an adviser that has less than $110 million in assets under management generally must register with one or more state regulators, rather than with the SEC).  Unless the SEC postpones the compliance date for registering, advisors that are required to register must do so by March 30, 2012. 

This guidance document, prepared by K&L Gates LLP, is designed to guide NMHC members through the registration requirements.