If you’re an aspiring fund manager looking to launch a fund, in this episode, we explain how to navigate the Investment Advisers Act and related state laws. We break down why you need to register as an investment adviser or claim a valid exemption from registration, how to determine which regulatory authority has jurisdiction over your business, and how to analyze their investment adviser regulations. 

Key Points From This Episode:

• The regulatory definition of an investment adviser.
• Why you need to register as an investment advisor or claim a valid exemption from this.
• How to determine who has jurisdiction over your business.
• How to analyze what these regulations say and what exemptions may be available to you.
• The two most common forms of investment adviser exemptions: de minimis exemptions and private fund exemptions. 
• Additional requirements for managers to 3(c)(1) funds. 
• The filing you need to make if you qualify for a private fund exemption. 
• The three main benefits of claiming an exemption or qualifying for an exemption and avoiding registration.
• Drawbacks of an exemption.

Disclaimer:

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 any questions, please email [email protected].

Links Mentioned in Today’s Episode:

Dave Rothschild

Cole-Frieman & Mallon LLP 

Music by Joe Ginsberg; IG: @thejoeginsberg