News & Analysis as of

Venture Capital Exempt Reporting Advisers (ERAs)

Akin Gump Strauss Hauer & Feld LLP

SEC and FinCEN Propose Customer Identification Program Requirements for Certain Investment Advisers

In February 2024, the U.S. Department of the Treasury issued its 2024 Investment Adviser Risk Assessment, which explains that there are “several illicit finance threats involving investment advisers,” including that...more

Proskauer - The Capital Commitment

The Macro-Economic Environment: What It Means for VC Firms

Hope for a resurgence during 2024 in Venture Capital fundraising, investment, and returns was strong at the beginning of this year, with optimism fueled by the recovery in 2023 of U.S. stock markets (lead by the performance...more

Cooley LLP

Venture Capital Advisers Not Off-Limits for SEC Scrutiny

Cooley LLP on

In the past six months, the Securities and Exchange Commission has settled a number of enforcement actions against venture capital advisers who are exempt reporting advisers (ERAs) and not registered investment advisers...more

Fox Rothschild LLP

Fund Adviser Exemptions Primer– Redux

Fox Rothschild LLP on

I never find it boring to review the investment adviser exemptions for private fund managers. Apparently, I am not the only one since this is a question we frequently field. Initially, private fund manager investment...more

Morrison & Foerster LLP

Marketing Private Funds To U.S. Investors — A Practical Guide For Asia-Based Managers

As the private equity (“PE”) and venture capital (“VC”) funds industry grows and matures in Asia, managers are increasingly looking to market interests in their funds to U.S.-based investors. However, many Asia-based managers...more

Fenwick & West LLP

Securities Enforcement Alert: SEC Exam Group Beginning Routine Examinations of Venture Capital and Other Exempt Reporting Advisers

Fenwick & West LLP on

In an important break from past practice, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) is reported to be conducting routine examinations of investment advisers to venture...more

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