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SEC RIN: 3235-AK81 Publication ID: Spring 2011 
Title: ●Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less than $150 Million in Assets Under Management and Foreign Private Advisers 
Abstract: The Commission proposed new rules that would implement exemptions from the registration requirements of the Advisers Act that were enacted as part of the Dodd-Frank Act. The Commission proposed for comment new Rule 203(l)-1 to define the term "venture capital fund" for purposes of the new exemption for advisers to venture capital funds in new section 203(i) of the Advisers Act, as well as new Rule 203(m)-1, which would provide an exemption for advisers with less than $150 million in private fund assets under management in the United States, as provided in new section 203(m) of the Act. Proposed Rule 202(a)(30)-1 also clarifies the meaning of certain terms included in a new exemption for foreign private advisers. 
Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 17 CFR 275.203(l)-1 (new)    17 CFR 275.203(m)-1(new)    17 CFR 275.202(a)(30)-1(new)   
Legal Authority: 15 USC 80b-11(a)    PL 111-203 sec 407 and 408   
Legal Deadline:
Action Source Description Date
Final  Statutory  Commission must define "venture capital fund" for purposes of Dodd-Frank Act exemption from registration within a year of enactment.  07/21/2011 
Timetable:
Action Date FR Cite
NPRM  12/10/2010  75 FR 77190   
NPRM Comment Period End  01/24/2011    
Final Action  06/00/2011    
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Information URL: www.sec.gov/rules/proposed/2010/ia-3111.pdf  
RIN Data Printed in the FR: No 
Agency Contact:
Daniele Marchesani
Division of Investment Management
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-6747
Email: marchesanid@sec.gov