NVCA Is Happier With Congress
After all that lobbying, the National Venture Capital Association managed to get venture capitalists exempted from the proposed Private Fund Investment Advisors Registration Act that's been working its way through Congress. There is now new language in the bill reads: ‘‘(l) EXEMPTION OF AND REPORTING BY VENTURE 18 CAPITAL FUND ADVISERS.—The Commission shall identify and define the term ‘venture capital fund’ and shall 20 provide an adviser to such a fund an exemption from the 21 registration requirements under this section. The Commission shall require such advisers to maintain such records 23 and provide to the Commission such annual or other reports as the Commission determines necessary or appropriate in the public interest or for the protection of investors.’’ NVCA Chairman Terry McGuire will testify before the House Financial Services Capital Markets Subcommittee next Tuesday.
