Private Fund Securities Law Exemptions: Navigating Accredited Investors, Qualified Purchasers and Qualified Clients
Evaluating Exemptions for Funds and Managers Under the Investment Adviser, Securities, Exchange and Investment Company Acts
Recording of a 90-minute CLE webinar with Q&A
This CLE program will discuss the exemption provisions of the Investment Adviser Act, Securities Act, Exchange Act and Investment Company Act that are relevant to private equity funds and venture capital 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?
Daniel M. Baich
Dorsey & Whitney
Mr. Baich handles all aspects of broker-dealer regulatory matters for various types of financial institutions. He also... | Read More
Mr. Baich handles all aspects of broker-dealer regulatory matters for various types of financial institutions. He also provides regulatory advice to issuers and underwriters in public and private securities transactions, advises clients on mergers and acquisition transactions involving a broker-dealer and provides clients general broker-dealer regulatory advice relating to the rules and regulations of the SEC and FINRA. He also serves as Vice Chair of the ABA’s FINRA Corporate Financing Rules Subcommittee.Close
Dorsey & Whitney
Ms. Garver chairs the firm's Investment Management practice. She has extensive experience representing... | Read More
Ms. Garver chairs the firm's Investment Management practice. She has extensive experience representing financial institutions in transactional and regulatory matters. She focuses on representing investment advisers, hedge funds and other private investment funds implementing various investment strategies. She 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; and mock audits and regulatory examinations and investigations. She also counsels banking and private fund clients on all aspects of the Volcker Rule and related matters.Close