In this introductory episode, Dave gives a high-level overview of the main legislation that governs a private fund business: the Securities Act (which governs the sale of interests in your fund to investors); the Investment Company Act (which governs the fund entity); and the Investment Advisers Act (which governs the manager acting as an investment adviser).

For each law, he walks through the main considerations private fund managers need to deal with:

·         Securities Act – 506(b) or 506(c)?

·         Investment Company Act – 3(c)(1) or 3(c)(7)?

·         Investment Advisers Act – how to analyze regulatory obligations?

This show is for informational purposes only. Nothing presented here constitutes legal advice. Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/.

Music by Joe Ginsberg; IG: @thejoeginsberg.