Tailoring for Main Street’s Investors Act exempts certain private fund advisers from registration requirements.

The Tailoring for Main Street’s Investors Act amends the Investment Advisers Act of 1940 to exempt certain advisers of private funds from registration requirements. This exemption applies if the adviser manages less than $5 billion in assets, all investors are qualified purchasers, accredited investors, or licensed investment professionals, and no redemption or liquidity rights are offered. The Securities and Exchange Commission must develop a short form for filing and requires biennial reporting from exempted advisers.

Tailoring for Main Street’s Investors Act exempts certain private fund advisers from registration requirements.

The Tailoring for Main Street’s Investors Act amends the Investment Advisers Act of 1940 to exempt certain advisers of private funds from registration requirements. This exemption applies if the adviser manages less than $5 billion in assets, all investors are qualified purchasers, accredited investors, or licensed investment professionals, and no redemption or liquidity rights are offered. The Securities and Exchange Commission must develop a short form for filing and requires biennial reporting from exempted advisers.