Jennifer Harris

An enviable carve-out from the US Investment Advisers Registration Act bill, and possible new funding from the government, might make structuring your fund as a Small Business Investment Company a tantalising prospect.

The US House Financial Services Committee yesterday passed HR 3818, the Private Fund Investment Adviser’s Registration Act, by a vote of 67-1. The bill raises the minimum threshold for assets under management to $150m from $30m and includes an exemption for Small Business Investment Companies as well as venture capital firms.

The SEC chairman today said she would seek to avoid ‘broad carve-outs’ within proposed legislation that would require private funds to register as investment advisors, possibly referring to at least one effort to exempt venture capital funds from the process.

The distinction between distressed debt investing and running a lending business remains unclear after a recent IRS memorandum.

The SEC must now review the comments, which are overwhelmingly opposed to the ban, before drafting a final rule.

The Commission will now evaluate the 170 comments it has received - most of which were critical of the proposal.

Going public requires significant investment in your finance, admin, and IR teams, as KKR’s preparations for its public listing show, writes Jennifer Harris.

Today the US House of Representatives voted to pass bill that will give the SEC and the Federal Reserve the power to regulate compensation at financial institutions with more than $1 billion in assets.

Today the US House of Representatives voted to pass bill that will give the SEC and the Federal Reserve the power to regulate compensation at financial institutions with more than $1 billion in assets.

Today the US House of Representatives voted to pass bill that will give the SEC and the Federal Reserve the power to regulate compensation at financial institutions with more than $1 billion in assets.