Private Fund Securities Law Exemptions: Accredited Investors, Qualified Purchasers, Subscription Limits, and More
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course 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.
- Investment Company Act of 1940
- Qualified purchasers
- Less than 100 investors
- Funds owned exclusively by qualified purchasers
- Knowledgeable employees
- 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 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?
Robert R. Boeche, II
Shustak Reynolds & Partners
Mr. Boeche has broad experience in corporate and securities matters, including financial services and regulatory issues... | Read More
Mr. Boeche has broad experience in corporate and securities matters, including financial services and regulatory issues where he focuses on providing strategic and comprehensive legal counsel to investment advisers, broker-dealers, private funds and other financial professionals. Mr. Boeche routinely advises clients on all aspects of business entity formation, regulatory registration, and ongoing operations including contract drafting, asset purchase agreements, client disclosure documents, solicitation and marketing activities, and succession planning. He also has extensive experience providing guidance regarding business transitions/breakaways and the legal issues surrounding state and federal regulatory investigations and examinations. Mr. Boeche regularly presents at conferences throughout the nation and is a frequent contributor to various industry journals.Close
Anne C. Choe
Willkie Farr & Gallagher
Ms. Choe is a partner in Willkie’s Asset Management Group. She advises a wide range of pooled investment... | Read More
Ms. Choe is a partner in Willkie’s Asset Management Group. She advises a wide range of pooled investment vehicles, including mutual funds, exchange-traded funds (ETFs), private funds (hedge funds, private equity funds and venture capital funds) and their sponsors and investment managers. Ms. Choe has in-depth knowledge of the various securities and other laws applicable to pooled vehicles and regularly counsels investment advisers and family offices on a variety of SEC regulatory filings and compliance matters.Close
For more than 30 years Mr. Hodge has concentrated his practice on hedge funds and other private investment vehicles. In... | Read More
For more than 30 years Mr. Hodge has concentrated his practice on hedge funds and other private investment vehicles. In that time, he has advised many of the largest hedge fund and fund of funds groups in the country in regard to fund structure, advertising, private placement procedures, soft dollars, compliance policies and procedures, side letters, and a host of other issues. Mr. Hodge’s experience extends to opportunity zone funds, real estate investment trusts and partnerships, timber funds, private equity funds, complex partnership reorganizations, and mergers and acquisitions. He represents numerous domestic and offshore hedge funds, ranging from startup funds to major fund complexes. Mr. Hodge is a frequent author and presenter on hedge fund matters.Close