US Investment Advisers Act of 1940 and SEC Adviser Rules (17 CFR Part 275) 204-4-era-pf: Exempt reporting advisers file the abbreviated Form ADV; private fund advisers report on Form PF

What does 204-4-era-pf require?

Rule 204-4 requires advisers relying on the venture capital or private fund adviser exemptions to file the parts of Form ADV the instructions designate within sixty days of first relying on the exemption, to amend annually and when the designated items become materially inaccurate, and to file a final report when they cease to rely on the exemption. Section 204(b) and rule 204(b)-1 require registered advisers with at least one hundred fifty million dollars in private fund assets to file Form PF (managed assets and leverage, counterparty exposure, trading and investment positions, valuation, types of assets, side arrangements, trading practices), on the quarterly or annual cycle the rule sets by adviser size and fund type, for use by the SEC and the Financial Stability Oversight Council.