SEC Amends Exemptions from Investment Adviser Registration for Advisers to Rural Business Investment Companies

The Securities and Exchange Commission adopted amendments to two rules in order to implement congressionally mandated exemptions from registration for investment advisers who advise rural business investment companies (RBICs). These exemptions were enacted as part of the RBIC Advisers Relief Act of 2018, which amended the Investment Advisers Act. The Commission adopted amendments to rules 203(l)-1 and 203(m)-1. These rules implement exemptions from SEC registration for advisers to venture capital funds and private funds. The amendments include RBICs in the definition of the term “venture capital fund” and exclude their assets from the definition of the term “assets under management” for purposes of the private fund adviser exemption. Advisers to RBICs, which are licensed by the U.S.