California Private Fund Adviser Exemption Rules Approved
August 28, 2012 Comments Off on California Private Fund Adviser Exemption Rules Approved
Final rules for California’s private fund adviser exemption–creating a new class of “exempt reporting advisers”–have been approved and referred to the Secretary of State for publication. The exemption is immediately effective. The final version of the rules have not yet been published by the Department of Corporations. Only minor changes are expected from the previously proposed version of the private fund adviser exemption. Once text of the final rule is released, we will provide further analysis.
- Text of final rules as adopted
- Department of Corporations Final Statement of Reasons (revised August 27, 2012)
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.