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ARTICLE · 03 APRIL 2012

March 30 Deadline Approaches For Filing Exempt Adviser Reports

McGuireWoods LLP
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Dodd-Frank provides several new exemptions from the investment adviser registration requirements at the federal level, such as exemptions for managers solely of venture capital funds (Venture Capital Exemption) and an exemption for advisers "solely to private funds" where the amount of AUM is less than $150 million (150 Exemption).

United StatesFinance and Banking
David Pankey
David Pankey
Anitra Cassas
Anitra Cassas
W. Tom Donaldson, III
W. Tom Donaldson, III

Dodd-Frank provides several new exemptions from the investment adviser registration requirements at the federal level, such as exemptions for managers solely of venture capital funds (Venture Capital Exemption) and an exemption for advisers "solely to private funds" where the amount of AUM is less than $150 million (150 Exemption). Fund managers relying on the Venture Capital or 150 Exemptions need to file exempt adviser reports (EARs).

Exempt Adviser Reports

The SEC refers to managers that qualify for the Venture Capital or 150 Exemptions as exempt reporting advisers. Exempt reporting advisers need to file an EAR with the SEC. This report consists of specified portions of Form ADV. The EAR consists of the following items of Part 1A of Form ADV:

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