FAST Act Investment Advisors Rules Amended
In the final rule, Amendments to Investment Advisers Act Rules to Reflect Changes Made by the Fast Act, the Securities and Exchange Commission (“SEC”) offers amendments to the provision that defines a venture capital fund and the rule implementing the private fund adviser exemption in the Investment Advisers Act to reflect changes by Title LXXIV, Sections 74001 and 74002 of the Fixing America’s Surface Transportation Act (“FAST Act”).
As part of the new amendments, the venture capital fund definition under Title LXXIV, section 74001 of the FAST Act will include small business investment companies. The SEC is also amending the assets under management definition under Title LXXIV, section 74002 of the FAST Act in the rule implementing the private fund adviser exemption to omit the holdings of small business investment companies.
The final rule goes into effect 60 days after being published in the Federal Register.