Strictly Business
A legal blog on private funds, startups, and venture capital.
Strictly Business
A legal blog on private funds, startups, and venture capital.
Virginia Division of Securities Proposes New Private Fund Exemption Based on Model NASAA Rule
On February 14, 2012, the Virginia Division of Securities and Retail Franchising proposed revised regulations exempting certain private fund managers from investment adviser registration with the Commonwealth of Virginia. Background Prior to the repeal of the federal 15 client exemption,…
California Department of Corporations Proposes New Private Fund Exemption
On December 15, 2011, the California Department of Corporations proposed revised regulations exempting certain private fund managers from investment adviser registration with the state of California. Background Previously, under Cal. Code Regs. tit. 10, § 260.204.9, private fund managers in…
Due Diligence for Buying a Business 101 – Part 4: Operational Due Diligence
Previously, I wrote about the need for the purchaser of a business to conduct due diligence on its prospective acquisition target. As I discussed, due diligence on a business can be split into three sections: legal, financial, and operational. This…
Should private funds be exempt from the ban on general solicitation?
The Managed Funds Association recently submitted a comment letter to the Securities and Exchange Commission dated January 6, 2012 requesting the SEC to amend Rule 502(c) of Regulation D to exempt private funds, such as hedge funds, private equity funds,…
Due Diligence for Buying a Business 101 – Part 3: Financial Due Diligence
Previously, I wrote about the need for the purchaser of a business to do due diligence on its prospective acquisition target. As I discussed, due diligence on a business can be split into three sections: legal, financial, and operational. This…
Indiana Securities Division Updates Its Private Fund Exemption to Include Non-Venture Capital Funds
In August 2011, the Indiana Securities Division issued an Administrative Order updating its venture capital exemption from investment adviser registration under the Indiana Uniform Securities Act to harmonize its provisions with the new venture capital exemption in the Dodd-Frank Act.…