TAILIEUCHUNG - Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers

One issue with using portfolio holdings to evaluate fund performance is that the disclosed data reveal information about the major equity positions at particular dates but do not indicate the exact purchase and sale dates. As a result, the exact holding period of securities is unknown. Furthermore, some funds may window-dress their portfolios to hide their actual investment strategy from their investors or from competing funds, as shown byMeier and Schaumburg (2004).Thus, studies analyzing only the returns of the disclosed holdings might be subject to significant measurement error, as they do not capture interim trades and various hidden costs. Our paper examines the difference between holdings and investor returns and. | SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 275 Release No. IA-3222 File No. S7-37-10 RIN 3235-AK81 Exemptions for Advisers to Venture Capital Funds Private Fund Advisers With Less Than 150 Million in Assets Under Management and Foreign Private Advisers AGENCY Securities and Exchange Commission. ACTION Final rule. SUMMARY The Securities and Exchange Commission the Commission is adopting rules to implement new exemptions from the registration requirements of the Investment Advisers Act of 1940 for advisers to certain privately offered investment funds these exemptions were enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act the Dodd-Frank Act . As required by Title IV of the Dodd-Frank Act - the Private Fund Investment Advisers Registration Act of 2010 - the new rules define venture capital fund and provide an exemption from registration for advisers with less than 150 million in private fund assets under management in the United States. The new rules also clarify the meaning of certain terms included in a new exemption from registration for foreign private advisers. DATES Effective Date July 21 2011. FOR FURTHER INFORMATION CONTACT Brian McLaughlin Johnson Tram N. Nguyen or David A. Vaughan at 202 551-6787 or IArules@ Division of Investment Management . Securities and Exchange Commission 100 F Street NE Washington DC 20549-8549. SUPPLEMENTARY INFORMATION The Commission is adopting rules 203 l -1 203 m -1 and 202 a 30 -1 17 CFR l -1 m -1 and a 30 -1 under the - 2 - Investment Advisers Act of 1940 15 . 80b the Advisers Act .1 Table of Contents I. II. A. Definition of Venture Capital 1. Qualifying 2. Short-Term 3. Qualifying Portfolio 4. Management 5. Limitation on 6. No Redemption 7. Represents Itself as Pursuing a Venture Capital 8. Is a Private 9. Application to .

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