Private Fund Securities Law Exemptions: Accredited Investors, Qualified Purchasers, Subscription Limits, and More
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will discuss the exemption provisions of the Investment Adviser Act, Securities Act, Exchange Act, and Investment Company Act that are relevant to private equity, venture capital, and hedge funds. The program will provide an in-depth analysis of each of the exemption requirements, as well as the pros and cons of seeking exemption from registration under these Acts.
Outline
- Investment Company Act of 1940
- Qualified purchasers
- Less than 100 investors
- Funds owned exclusively by qualified purchasers
- Knowledgeable employees
- Securities Act of 1933
- Accredited investors
- General solicitation and general advertising
- Offerings Under Reg D
- Offshore offerings under Reg S
- Securities Exchange Act of 1934
- Investor limits
- Other rules
- Investment Advisers Act of 1940
- Qualified clients
- Exempt reporting advisers
Benefits
The panel will review these and other key issues:
- Why is it important for private funds to remain private?
- Who are "qualified purchasers" under the Investment Company Act exemption that requires funds to be owned exclusively by qualified purchasers?
- What benefits may fund managers enjoy by registering as investment advisers under the Investment Advisers Act?
Faculty
![Bell, Ivet](/img/t/0b4fb09a41825770287cd465286d5617.jpg)
Ivet Bell
Partner
Freshfields Bruckhaus Deringer
Ms. Bell represents alternative asset managers and their investors on fund formation, sale and regulatory matters... | Read More
Ms. Bell represents alternative asset managers and their investors on fund formation, sale and regulatory matters throughout manager and fund life cycles. Her experience extends across closed, open and evergreen structures and includes strategies such as buy-out, credit, secondaries, GP stakes, insurance, real estate, venture, special situations, social impact, long/short, global macro and real estate. Ms. Bell advises on structuring, offerings, co-investments, joint ventures, managed accounts, regulatory compliance, sponsor arrangements and carry plans, seeding and staking investments, fund conduit vehicles, manager spin-offs and end-of-life considerations, among other matters.
Close![Jin, Ruth](/img/t/41747dca6f0acb7562c9286cfed430ce.jpg)
Ruth Jin
Partner, Leader Private Investment Funds Practice
Moses & Singer
Ms. Jin has 19 years of experience delivering high-quality and business-focused legal solutions to private fund... | Read More
Ms. Jin has 19 years of experience delivering high-quality and business-focused legal solutions to private fund sponsors and asset managers of all sizes and strategies. She has formed, structured, re-structured, and advised numerous private funds. Her work encompasses a variety of matters, including fund formation, regulatory compliance, exit strategies, private and public securities offerings, forming a SPAC, and guiding portfolio companies for their initial public offerings. In addition, Ms. Jin has extensive experience advising businesses through all stages of growth from start-up and capital raising right through to initial public offering and their ongoing securities law compliance and periodic reporting.
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