Advisers that claim an exemption from registration, typically private fund or venture capital advisers (“private fund advisers”) must still report certain information to regulatory authorities (the SEC and/or State) and comply with applicable regulations. Generally, the exemption is available to private fund advisers that have assets under management below $150 million.
Bates will aid in the drafting and submission of all required documents to report Exempt Reporting Adviser (“ERA”) firm. Bates takes a holistic approach to the registration process by first working with your firm to design, create and implement the ERA’s compliance obligations prior to completing your report process. The SEC (as well as state regulators) will expect that, upon approval, your firm is meeting all the regulatory requirements.
Upon completion, the ERA will receive a set of documents including, but not limited to:
Form ADV 1
Policies addressing ERA compliance requirements, including but not limited to:
Anti-Fraud
AML
Conflicts of interest, including gifts and other employee conduct
Insider Trading
Investor Privacy
Marketing
Pay-to-Play
Proxy Voting
Recordkeeping
Regulation D filings
Valuation
In addition, the client will be able to leverage the knowledge of the Bate Compliance consultant to explain the content and implementation of all required documents. Once approved by the SEC, we recommend ERAs speak with a Bates consultant about additional services Bates can offer to help maintain compliance with various ongoing obligations. This can include, but is not limited to, assistance with your Annual Updating Amendment (“AUA”), your Form D filing requirements, other state specific requirements, modifications to offering documents and marketing materials, special considerations for ERISA investors, and annual bad actor certifications.
