Regulatory Alerts2020-03-10 | 2020-04571Added
Exemptions From Investment Adviser Registration for Advisers to Certain Rural Business Investment Companies
The Securities and Exchange Commission issued this final rule to implement the RBIC Advisers Relief Act of 2018 by amending the Investment Advisers Act of 1940 regulations. The Commission amended the definition of 'venture capital fund' to include rural business investment companies, thereby exempting their advisers from registration under section 203(l). Additionally, the rule amended the definition of 'assets under management' to exclude RBIC assets, allowing advisers relying on the private fund exemption under section 203(m) to disregard these assets when calculating the $150 million threshold.
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