SEC Amends Exemptions From Investment Adviser Registration for Advisers to RBICs

The SEC has issued a final rule, Exemptions From Investment Adviser Registration for Advisers to Certain Rural Business Investment Companies, which amends two rules “to implement exemptions from SEC registration for advisers to venture capital funds and private funds.” Further, the amendments include rural business investment companies (RBICs) “in the definition of the term ‘venture capital fund’ and exclude their assets from the definition of the term ‘assets under management’ for purposes of the private fund adviser exemption.”

The final rule meets the requirements mandated by Congress in the RBIC Advisers Relief Act of 2018. For more information, see the press release on the SEC’s Web site.