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California’s Private Fund Adviser Exemption

Before the enactment of the Dodd-Frank Act in 2010, many advisers to alternative investment vehicles, such as hedge funds, private-equity funds, and venture capital funds relied on the Section 203(b)(3) exemption from registration under the federal Investment Advisers Act.  In California, investment advisers exempt under Section 203(b)(3) had a corollary temporary exemption from California investment…

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Commissioner Issues Proposed Revisions To Proposed Private Fund Adviser Exemption

Earlier this week, the Commissioner of Corporations issued additional proposed changes to Rule 260.204.9.  As explained in this post, the Commissioner extended the current version of that rule until July 12 of this year.  According to the Commissioner’s notice, the principal changes are intended to: Require that any financial audits be performed by a Certified Public Accountant that is…

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