Regulatory Alerts2018-01-11 | 2018-00299Added
Exemptions From Investment Adviser Registration for Advisers to Small Business Investment Companies
The Securities and Exchange Commission adopted amendments to rules 203(l)-1 and 203(m)-1 under the Investment Advisers Act of 1940 to implement changes mandated by the Fixing America’s Surface Transportation Act of 2015. The Commission amended the definition of a venture capital fund to include small business investment companies, thereby allowing advisers to these entities to rely on the venture capital fund adviser exemption. Additionally, the rule implementing the private fund adviser exemption was updated to exclude small business investment company assets when calculating the $150 million assets under management threshold.
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