California Private Adviser Exemption Expected to Be Effective Soon

August 15, 2012 § Leave a comment

The final version of California’s private fund adviser exemption–creating a new class of “exempt reporting advisers”–has been submitted for adoption and publication. Further state action is required within 30 days of submission.The Department of Corporations has requested that the new rules be effective upon filing with the Secretary of State. Under California’s administrative law procedures, action on the exemption is due by August 27.

Sources at the Department of Corporations indicate that the rule should proceed on the expected timeline. The DoC is eager to have the exemption adopted and to begin collecting reports from private fund managers within the scope of the exemption. Under current emergency rules, those managers are not subject to reporting or registration.


Jack G. Martel is the author of Investment Adviser Law Blog which is devoted to providing information and discussion of interest to investment advisers, private fund managers and others in the financial management industry. Jack is a partner in Ragghianti | Freitas LLP. He has over fifteen years experience in general business and securities transactions with a focus on assisting investment advisers, fund sponsors and managers in all manner of legal, regulatory and compliance issues. Jack can be reached at 415.453.9433.

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