On May 9, 2017, the Securities and Exchange Commission (SEC) issued a proposed rule relating to registration exemptions for investment advisers; the rule would amend the definition of a venture capital fund and the private fund adviser exemption in order to reflect changes made by the Fixing America’s Surface Transportation Act of 2015. Under the proposed rulethe definition of a venture capital fund would include “small business investment companies.” The proposal would also amend the definition of “assets under management” in the private fund adviser exemption to exclude the assets of “small business investment companies.” The SEC anticipates that this rulemaking will not have a significant economic impact on small advisers to small business investment companies (SBICs) and venture capital funds, and small advisers to SBICs and private funds.
Link to notice: https://s3.amazonaws.com/public-inspection.federalregister.gov/2017-09334.pdf .
Comments are due June 8, 2017.
Advocacy contact: Dillon Taylor(link sends e-mail) at 202.401.9787.