United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2018_register executive 2018-01-11 article Rules and Regulations D09002ee1c7ed7bbe D09002ee1c7ed85f4 United States Securities and Exchange Commission originator org United States Government Agency or Subagency We are adopting amendments to the rule that defines a venture capital fund (rule 203(l)-1) and the rule that implements the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the "Advisers Act") in order to reflect changes made by title LXXIV, sections 74001 and 74002 of the Fixing America's Surface Transportation Act of 2015 (the "FAST Act"), which amended sections 203(l) and 203(m) of the Advisers Act. Title LXXIV, section 74001 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to one or more "venture capital funds" in Advisers Act section 203(l) by deeming "small business investment companies" to be "venture capital funds" for purposes of the exemption. Accordingly, we are amending the definition of a venture capital fund to include "small business investment companies." Title LXXIV, section 74002 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to "private funds" with less than $150 million in assets under management in Advisers Act section 203(m) by excluding the assets of "small business investment companies" when calculating "private fund assets" towards the registration threshold of $150 million. Accordingly, we are amending the definition of "assets under management" in the rule that implements the private fund adviser exemption to exclude the assets of "small business investment companies." 83 FR 1296 https://www.govinfo.gov/app/details/FR-2018-01-11/2018-00299 2018-00299 fr11ja18-4 RIN 3235-AM02 8011-01-P Release No. IA-4839 File No. S7-05-17 https://www.govinfo.gov/app/details/FR-2018-01-11/2018-00299 https://www.govinfo.gov/content/pkg/FR-2018-01-11/html/2018-00299.htm https://www.govinfo.gov/content/pkg/FR-2018-01-11/pdf/2018-00299.pdf Reporting and Recordkeeping Requirements Securities 7 p. 1296 1302 83 FR 1296 Title 17 Part 275 17 CFR Part 275 RIN 3235-AM02 Exemptions From Investment Adviser Registration for Advisers to Small Business Investment Companies; Federal Register Vol. 83, Issue RULE 2018-00299 SECURITIES AND EXCHANGE COMMISSION 2018-03-12 Release No. IA-4839 File No. S7-05-17 8011-01-P 2018-00299 Final rule.

We are adopting amendments to the rule that defines a venture capital fund (rule 203(l)-1) and the rule that implements the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the "Advisers Act") in order to reflect changes made by title LXXIV, sections 74001 and 74002 of the Fixing America's Surface Transportation Act of 2015 (the "FAST Act"), which amended sections 203(l) and 203(m) of the Advisers Act. Title LXXIV, section 74001 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to one or more "venture capital funds" in Advisers Act section 203(l) by deeming "small business investment companies" to be "venture capital funds" for purposes of the exemption. Accordingly, we are amending the definition of a venture capital fund to include "small business investment companies." Title LXXIV, section 74002 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to "private funds" with less than $150 million in assets under management in Advisers Act section 203(m) by excluding the assets of "small business investment companies" when calculating "private fund assets" towards the registration threshold of $150 million. Accordingly, we are amending the definition of "assets under management" in the rule that implements the private fund adviser exemption to exclude the assets of "small business investment companies."

Effective March 12, 2018. Jennifer Songer, Senior Counsel, or Sara Cortes, Assistant Director, at (202) 551-6787 or IArules@sec.gov, Investment Adviser Regulation Office, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-8549. Reporting and Recordkeeping Requirements Securities Exemptions From Investment Adviser Registration for Advisers to Small Business Investment Companies , IArules@sec.gov https://www.sba.gov/sbic/general-information/program-overview https://www.sba.gov/sites/default/files/articles/Quarterly_Data_as_of_June_30_2017.pdf https://www.sec.gov/about/forms/formadv-instructions.pdf https://www.sec.gov/comments/s7-05-17/s70517.htm https://www.sec.gov/divisions/investment/iard/iardfaq.shtml https://www.sec.gov/investment/im-guidance-2016-03.pdf Vol. 83, no. 8 Office of the Federal Register, National Archives and Records Administration 2018-01-11 continuing daily deposited born digital 228 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2018-01-11 P0b002ee197f74835 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr11ja18 https://www.govinfo.gov/app/details/FR-2018-01-11 https://www.govinfo.gov/content/pkg/FR-2018-01-11/pdf/FR-2018-01-11.pdf https://www.govinfo.gov/content/pkg/FR-2018-01-11/xml/FR-2018-01-11.xml fdlp 1289 1509 DGPO 2018-01-11 2024-06-01 FR-2018-01-11 machine generated eng FR FR-2018-01-11 83 8