Thursday, June 23, 2011
The SEC adopted rules to implement new exemptions from the registration requirements of the Investment Advisers Act of 1940 for advisers to certain privately offered investment funds. These exemptions were enacted as part of the Dodd-Frank Act. The new rules define "venture capital fund" and provide an exemption from registration for advisers with less than $150 million in private fund assets under management in the United States. The new rules also clarify the meaning of certain terms included in a new exemption from registration for "foreign private advisers."
DATES: Effective Date: July 21, 2011.