# Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers
> **US Securities and Exchange Commission** · Final rule. · Published 2011-07-06 · 76 FR 39645
## Document
- **Document number:** 2011-16118
- **Category:** final-rule
- **Agency:** US Securities and Exchange Commission
- **Federal Register citation:** 76 FR 39645
- **CFR reference:** 17 CFR 275
- **Publication date:** 2011-07-06
- **Docket:** Release No. IA-3222
## Abstract

The Securities and Exchange Commission (the ``Commission'') is adopting rules to implement new exemptions from the registration requirements of the Investment Advisers Act of 1940 for advisers to certain privately offered investment funds; these exemptions were enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). As required by Title IV of the Dodd-Frank Act--the Private Fund Investment Advisers Registration Act of 2010--the new rules define ``venture capital fund'' and provide an exemption from registration for advisers with less than $150 million in private fund assets under management in the United States. The new rules also clarify the meaning of certain terms included in a new exemption from registration for ``foreign private advisers.''

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2011/07/06/2011-16118/exemptions-for-advisers-to-venture-capital-funds-private-fund-advisers-with-less-than-150-million-in)
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