Strictly Business
A legal blog on private funds, startups, and venture capital.
Strictly Business
A legal blog on private funds, startups, and venture capital.
Missouri Commissioner of Securities Proposes New Private Fund Exemption Based on Model NASAA Rule
On April 26, 2012, the Missouri Commissioner of Securities proposed revised regulations exempting certain private fund managers from investment adviser registration with the State of Missouri. Background Prior to the repeal of the federal 15-client exemption, Missouri had an exemption for…
Looking to Invest? How to Determine Whether an Investment Is Worth It
This article was originally posted on business.com on May 1, 2012. Investing in a new venture can be exciting. In addition to the potential to make a profit, many people invest in start-ups for the thrill of being involved with…
Implications of the Recent Mayo Case on Patentable Subject Matter
Last December, I wrote a series of posts about what was – and remains – a hot topic in patent law: patentable subject matter under 35 U.S.C. § 101. The law on patentable subject matter often boils down to…
Massachusetts Securities Division Adopts Final Private Fund Adviser Exemption Based Upon NASAA Model Rule
Previously, I reported that the Massachusetts Securities Division had proposed an exemption from investment adviser registration for advisers to private funds. In late winter, the division adopted these regulations as final (with small changes). They are, more or less, identical…
When does a deal involve securities regulation? Part 3: Partnerships and Limited Liability Companies
This post is the third in a series exploring when securities laws impact business transactions. In my previous posts, I provided a general overview of the definition of a “security” under federal securities laws. One of the categories of investments…
When does a deal involve securities regulation? Part 2: The “Howey” Test
This post is the second in a series exploring when securities laws impact business transactions. In my previous post, I provided a general overview of the definition of a “security” under federal securities laws. The Securities Act of 1933 provides…