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Registration Exemptions for Investment Advisers under the Investment Advisers Act of 1940

Written by Kenneth Earley

Any person or firm who acts as an investment adviser must register with the appropriate regulatory authority (as further discussed below, either the Securities and Exchange Commission (the “SEC”) or the applicable state’s securities regulator) or qualify for a registration exemption. An investment adviser is generally defined under the Investment Advisers Act of 1940 (the “Advisers Act”) as any person or firm who, for compensation, engages in the business of advising others as to the value of securities, or as to the advisability of investing in, purchasing, or selling securities. Two commonly relied upon registration exemptions under the Advisers Act are the private fund adviser exemption and the venture capital fund adviser exemption, each of which is discussed in more detail below.

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