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SEC proposes amendments to investment adviser rules

  • SEC document Image

May 04, 2017

The SEC has issued a proposed rule, “Amendments to Investment Advisers Act Rules to Reflect Changes Made by the FAST Act.”

This proposed rule would amend the definitions of the following terms in the Investment Advisers Act of 1940 to reflect changes made by the Fixing America’s Surface Transportation Act:

  • Venture capital funds — Small business investment companies would be included in this definition and thus would be considered venture capital funds with respect to “the exemption from investment adviser registration for any adviser solely to one or more ‘venture capital funds’ in Advisers Act section 203(l).”
  • Assets under management — The definition of this term in the private fund adviser exemption would be amended to exclude the assets of small business investment companies.

Comments on the proposal are due 30 days after the date of its publication in the Federal Register. For more information, see the proposed rule on the SEC’s Web site.

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