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2020-03-10
article
Exemptions From Investment Adviser Registration for Advisers to Certain Rural Business Investment Companies
Rules and Regulations
D09002ee1bdb5e6a9
D09002ee1bdb5e720
United States
Securities and Exchange Commission
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org
United States Government Agency or Subagency
We are amending the definition of the term ``venture capital fund'' and the private fund adviser exemption under the Investment Advisers Act of 1940 (the ``Advisers Act'') to reflect in our rules exemptions from registration for investment advisers who advise rural business investment companies (``RBICs''). These exemptions were enacted as part of the RBIC Advisers Relief Act of 2018 (the ``RBIC Advisers Relief Act''), which amended Advisers Act sections 203(l) and 203(m), among other provisions. Specifically, the RBIC Advisers Relief Act amended Advisers Act section 203(l), which exempts from investment adviser registration any adviser who solely advises venture capital funds, by stating that RBICs are venture capital funds for purposes of the exemption. Accordingly, we are amending the definition of the term ``venture capital fund'' to include RBICs. The RBIC Advisers Relief Act also amended Advisers Act section 203(m), which exempts from investment adviser registration any adviser who solely advises private funds and has assets under management in the United States of less than $150 million, by excluding RBIC assets from counting towards the $150 million threshold. Accordingly, we are amending the definition of the term ``assets under management'' in the private fund adviser exemption to exclude the assets of RBICs.
85 FR 13734
https://www.govinfo.gov/app/details/FR-2020-03-10/2020-04571
2020-04571
fr10mr20-7
RIN 3235-AM68
8011-01-P
Release No. IA-5454
https://www.govinfo.gov/app/details/FR-2020-03-10/2020-04571
https://www.govinfo.gov/content/pkg/FR-2020-03-10/html/2020-04571.htm
https://www.govinfo.gov/content/pkg/FR-2020-03-10/pdf/2020-04571.pdf
Reporting and Recordkeeping Requirements
Securities
8 p.
13734
13741
85 FR 13734
Code of Federal Regulations
Title 17 Part 275
17 CFR Part 275
Regulation Identification Number 3235-AM68
RIN 3235-AM68
Exemptions From Investment Adviser Registration for Advisers to Certain Rural Business Investment Companies; Federal Register Vol. 85, Issue
RULE
2020-04571
SECURITIES AND EXCHANGE COMMISSION
2020-03-10
Release No. IA-5454
8011-01-P
2020-04571
Final rule.
We are amending the definition of the term ``venture capital fund'' and the private fund adviser exemption under the Investment Advisers Act of 1940 (the ``Advisers Act'') to reflect in our rules exemptions from registration for investment advisers who advise rural business investment companies (``RBICs''). These exemptions were enacted as part of the RBIC Advisers Relief Act of 2018 (the ``RBIC Advisers Relief Act''), which amended Advisers Act sections 203(l) and 203(m), among other provisions. Specifically, the RBIC Advisers Relief Act amended Advisers Act section 203(l), which exempts from investment adviser registration any adviser who solely advises venture capital funds, by stating that RBICs are venture capital funds for purposes of the exemption. Accordingly, we are amending the definition of the term ``venture capital fund'' to include RBICs. The RBIC Advisers Relief Act also amended Advisers Act section 203(m), which exempts from investment adviser registration any adviser who solely advises private funds and has assets under management in the United States of less than $150 million, by excluding RBIC assets from counting towards the $150 million threshold. Accordingly, we are amending the definition of the term ``assets under management'' in the private fund adviser exemption to exclude the assets of RBICs.
Effective date: March 10, 2020.
Alexis Palascak, Senior Counsel, or Jennifer Songer, Branch Chief, Investment Adviser Regulation Office at (202) 551-6787 or IArules@sec.gov; Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549.
Reporting and Recordkeeping Requirements
Securities
IArules@sec.gov
https://www.rd.usda.gov/files/fact-sheet/RD-Factsheet-RBS-RBusInvestmentProgram.pdf
https://www.rd.usda.gov/programs-services/rural-business-investment-program
https://www.sec.gov/about/forms/formadv-instructions.pdf
https://www.sec.gov/about/forms/formadv-part1a.pdf
Federal Register
Vol. 85, no. 47
Office of the Federal Register, National Archives and Records Administration
2020-03-10
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431 p.
Table of Contents:
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https://www.govinfo.gov/app/details/FR-2020-03-10
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https://www.govinfo.gov/app/details/FR-2020-03-10
https://www.govinfo.gov/content/pkg/FR-2020-03-10/pdf/FR-2020-03-10.pdf
https://www.govinfo.gov/content/pkg/FR-2020-03-10/xml/FR-2020-03-10.xml
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2020-03-10
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