California Private Fund Adviser Exemption Rules Approved

August 28, 2012 § Leave a comment

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.  « Read the rest of this entry »

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. « Read the rest of this entry »

California Files Final Amendments to Private Fund Adviser Exemption

August 7, 2012 § 3 Comments

The California Department of Corporations has submitted its final amendments for rules creating a new exemptive framework for advisers to private funds. Once effective, the revised rule would permit advisers to private funds to file as “exempt reporting advisers” (ERAs) rather than undergoing full investment adviser registration. The rule is subject to review by the California Office of Administrative Law which generally has thirty business days to act. That review period will expire in late August 2012. « Read the rest of this entry »

California Modifies Proposed Private Adviser Exemption

June 21, 2012 § 2 Comments

The California Department of Corporations has further modified its proposed rules exempting private fund managers from full investment adviser registration. The revised proposal makes the following changes to the previous version of the rule: « Read the rest of this entry »

California Extends Emergency Private Adviser Exemption

March 28, 2012 § 2 Comments

The California Department of Corporations this week renewed its emergency rules to extend the period in which certain fund managers can rely on the existing pre-Dodd-Frank “private adviser” exemption from California investment adviser registration.

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