{"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.''","action":"Final rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2011/07/06/2011-16118.html","cfr_references":[{"chapter":null,"citation_url":null,"part":275,"title":17}],"citation":"76 FR 39645","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":null,"disposition_notes":null,"docket_ids":["Release No. IA-3222","File No. S7-37-10"],"dockets":[],"document_number":"2011-16118","effective_on":null,"end_page":39703,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2011/07/06/2011-16118.xml","html_url":"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","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2011-16118?publication_date=2011-07-06","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2011-07-06/2011-16118/mods.xml","not_received_for_publication":null,"page_length":59,"page_views":{"count":2320,"last_updated":"2026-07-25 22:15:03 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2011-07-06/pdf/2011-16118.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2011-07-06","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2011/07/06/2011-16118.txt","regulation_id_number_info":{"3235-AK81":{"issue":"201104","html_url":"https://www.federalregister.gov/regulations/3235-AK81/exemptions-for-advisers-to-venture-capital-funds-private-fund-advisers-with-less-than-150-million-in","title":"Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less than $150 Million in Assets Under Management and Foreign Private Advisers","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201104&RIN=3235-AK81&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AK81"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2011-07-26T08:06:53Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":39645,"subtype":null,"title":"Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers","toc_doc":"Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets, etc.","toc_subject":null,"topics":["Reporting and recordkeeping requirements","Securities"],"type":"Rule","volume":76}