Private Fund Securities Law Exemptions: Accredited Investors, Qualified Purchasers, Subscription Limits, and More
Navigating Exemptions Under the Investment Adviser, Securities, Exchange, and Investment Company Acts
Recording of a 90-minute premium CLE webinar with Q&A
This CLE webinar will discuss the exemption provisions of the Investment Adviser Act, Securities Act, Exchange Act, and Investment Company Act that are relevant to private equity, venture capital and hedge funds. The program will provide an in-depth analysis of each of the exemption requirements, as well as the pros and cons of seeking exemption from registration under these Acts.
- Securities Act of 1933
- Accredited investors
- General solicitation and general advertising
- Offerings Under Reg D
- Offshore offerings under Reg S
- Securities Exchange Act of 1934
- Issuer exemption from broker-dealer registration
- Investor limits
- Investment Company Act of 1940
- Qualified purchasers
- Less than 100 investors
- Funds owned exclusively by qualified purchasers
- Knowledgeable employees
- Investment Advisers Act of 1940
- Qualified clients
- Exempt reporting advisers
The panel will review these and other key issues:
- Why is it important for partners and employees of private funds to be exempt from broker-dealer registration?
- Who are "qualified purchasers" under the Investment Company Act exemption that requires funds to be owned exclusively by qualified purchasers?
- What benefits may fund managers enjoy by registering as investment advisers under the Investment Advisers Act?
Ms. Garver provides targeted, practical advice to investment advisers, hedge funds and other private investment funds... | Read More
Ms. Garver provides targeted, practical advice to investment advisers, hedge funds and other private investment funds implementing various investment strategies. Her clients appreciate the close personal attention she provides to help them navigate the complex maze of investment regulation. She routinely advises clients on formation and offering matters for both domestic and offshore funds; SEC and state investment adviser, broker-dealer and private fund regulation; Investment Advisers Act compliance programs, annual reviews, and ongoing compliance matters; and regulatory examinations and investigations. She also has extensive experience representing financial institutions in a variety of transactional and regulatory matters.Close
Gregory J. Nowak
Mr. Nowak is a practice leader for hedge funds in the firm’s Private Fund Services Practice Group. He... | Read More
Mr. Nowak is a practice leader for hedge funds in the firm’s Private Fund Services Practice Group. He concentrates his practice in securities law, particularly in representing investment management companies and other clients on matters arising under the Investment Company Act of 1940 and the Investment Advisers Act of 1940. Mr. Nowak also handles mergers and acquisitions, corporate and regulated investment company tax work, and other corporate matters. He also represents broker-dealers and CTAs and CPOs with respect to matters under the Securities Exchange Act of 1934 and the Commodity Exchange Act. Mr. Nowak writes and speaks frequently on issues involving alternative lending, blockchain, initial coin offerings, investment management, healthcare and other matters. Mr. Nowak is an adjunct professor of law at Cornell Law School where he teaches fund formation and fund regulatory law.Close