Information About Registered Investment Advisers And Exempt Reporting

The Investment Adviser Information Reports are made available as zip files that contain a spreadsheet file when unzipped. These files contain information about investment advisers who are registered with the SEC or who are filing reports as Exempt Reporting Advisers with the SEC. The majority of the data fields included in this report are from Form ADV and the report’s column headings refer to specific questions within Form ADV (e.g. 5B(2) refers to Form ADV, Item 5B(2)). Please refer to the Form ADV for a full description of the data fields included in this report; the form ADV may be found at https://www.sec.gov/files/formadv-part1a_1.pdf. The sections of Form ADV included in this report are:

Item 1 — Identifying InformationItem 2 — SEC RegistrationItem 3 — Form of OrganizationItem 4 — SuccessionsItem 5 — Information About Your Advisory BusinessItem 6 — Other Business ActivitiesItem 7 — Financial Industry AffiliationsItem... Please note that Exempt Reporting Advisers only file Items 1, 2, 3, 6, 7, 10, and 11 on Form ADV. The Investment Adviser Information Reports' data is collected from electronic submissions of Form ADV by investment adviser firms to the Investment Adviser Registration Depository (IARD) system. This system, which is operated by FINRA Regulation, Inc., permits investment advisers to satisfy their filing obligations under state and federal law with a single electronic filing made over the Internet. Neither the SEC nor the state securities authorities have approved the information filed on Form ADV, and we can not guarantee its accuracy. Investment advisers file Form ADV Part 1 to register with the SEC and/or the states or file certain sections of Form ADV to report as an Exempt Reporting Adviser with the SEC, and must...

Form ADV contains information about an investment adviser and its business operations. Form ADV also contains disclosure about certain disciplinary events involving the adviser and its personnel. The data published in the Investment Adviser Information Reports are a subset of the information that is filed on Form ADV by investment adviser firms. An exempt reporting adviser is an investment adviser that is not registered with the SEC, but is subject to certain SEC reporting, recordkeeping, and other obligations. For example, an exempt reporting adviser is required to report some information on Form ADV but is not required to complete all of Form ADV like registered advisers. An exempt reporting adviser can only provide investment advice to private funds, such as hedge funds, venture capital funds, and private equity funds.

Private funds generally pursue more flexible investments and strategies than registered investment companies, like mutual funds and ETFs, which may increase the risk of investment losses. They are not subject to the numerous regulations that apply to mutual funds and ETFs for the protection of investors. Depending on how the fund is structured, an investor in the type of funds advised by exempt reporting advisers typically needs to be an accredited investor or qualified purchaser. An accredited investor or a qualified purchaser must have a certain level of income or assets or meet other professional criteria. You can find information about a specific exempt reporting adviser, including its latest Form ADV, using the Check Out Your Investment Professional tool on Investor.gov. For information on how to use our tool, please read: How to Use the Investment Professional Search Tool on Investor.gov.

= accelerating global growth and advancing the future of regulatory compliance for financial firms. Learn More Learn how exempt reporting advisers (ERAs) must navigate separate compliance and regulations than traditional RIAs. Exempt reporting advisers (ERAs) are a rapidly growing contingent of the financial advisory industry, but the who, what, when, where, why and how of ERAs can be confusing for advisers and clients alike. We want to help clear up some of the confusion by addressing the most frequently asked questions we hear about ERAs. As a partner of ERAs and RIA firms, we’re well-versed in what questions you may be asking yourself.

And to help provide some clarity, we’ve gathered some of the most frequently asked questions about ERAs and offered some answers to help get you up to speed. 1. Introduction to Exempt Reporting Advisers (ERAs) 3. The Significance of Form ADV for ERAs 4.

Step-by-Step Guide to Completing Form ADV Parts 1 and 2 5. Common Pitfalls and How to Avoid Them in Form ADV Reporting 7. The Role of Compliance Consultants for ERAs An exempt reporting adviser, or ERA, is a type of investment adviser that is not required to register with the U.S.

Securities and Exchange Commission (SEC) or a state securities regulator as a registered investment adviser (RIA). Learn more: Download Carta's VC regulatory playbook An investment adviser is anyone who receives compensation for giving investment advice. Under the Investment Advisers Act of 1940, investment advisers must register with the SEC or with a state securities regulator unless they qualify for exemption. The size of the adviser’s assets under management (AUM) will determine whether the adviser will register with the SEC or a state regulator. Size of assets under management by the adviser

Advisers that would be required to register in 15 or more states can also register with the SEC regardless of AUM. Understanding regulatory requirements is essential if you manage a startup fund or plan to raise capital from investors. One key classification that affects fund managers is the Exempt Reporting Adviser (ERA) status. This designation allows certain investment advisers to operate under reduced regulatory obligations while still complying with investor protection laws. The ERA classification was introduced as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. It aims to provide relief for smaller fund managers who do not manage extensive private fund assets.

Unlike fully registered investment advisers, ERAs must file limited reports with the Securities and Exchange Commission (SEC) but are not subject to the same level of scrutiny and regulatory filings. This makes the designation attractive for emerging fund managers, including those managing private equity or venture capital funds. If you are seeking capital from investment funds, it is important to understand how ERAs operate and what their status means for your fundraising efforts. This guide explores the key aspects of exempt reporting adviser status, including eligibility, compliance requirements, benefits, and limitations. Keep reading to learn more. The ERA classification was introduced to balance regulatory oversight with the need for flexibility among smaller fund managers.

Here are the key legislative and regulatory bodies that define the ERA landscape. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 reshaped financial regulations in the United States. This comprehensive legislation, enacted in response to the 2007-2008 financial crisis, introduced the concept of Exempt Reporting Advisers (ERAs). It was designed to reduce the compliance burden on smaller fund managers while maintaining investor protection. An Exempt Reporting Adviser must transition to registering with the SEC the sooner of (a) when they exceed $150 million in private fund regulatory assets under management (RAUM) or (b) when they begin advising... ERAs with $150 million or more in RAUM must register with the SEC within 90 days of their fiscal year end.

ERAs who are considering offering services to non-private fund clients should register before the commencement of these services. Evaluate Registration Requirements: Determine if your firm qualifies as a state or SEC-registered RIA based on RAUM and business scope. ERAs that are required to register due to meeting the $150 million RAUM threshold must register with the SEC File Form ADV: ERAs transitioning to fill registration must complete all relevant parts of Form ADV, including Part 1A and development for the narrative brochure (Form ADV Part 2A), which includes detailed disclosures about... Develop and Implement Policies: Establish compliance policies and procedures reasonably designed to prevent violations of the Advisers Act, tailored to your firm's business model operations Navigating the complex regulations around investment advisor registration can be daunting for new firms.

Many financial startups wrongly assume that maintaining an “exempt reporting advisor” (ERA) status absolves them of major compliance obligations. However, while ERAs avoid full SEC registration, they remain subject to provisions of the Investment Advisers Act. Failure to meet required filing, reporting, and recordkeeping rules, even as an ERA, can lead to significant penalties. In this blog, we cover exactly what’s required to operate legally, mitigating risk while allowing you to focus on growing your business. Several exemptions exist, allowing certain advisors managing private funds to register as ERAs with the SEC instead of full-fledged Registered Investment Advisors (RIAs). Two common exemptions include:

This applies to advisors who solely advise private funds and have less than $150 million in assets under management across those funds. Defining a “private fund” can be complex, but it essentially refers to funds avoiding registration under the Investment Company Act by limiting investors. This includes vehicles like hedge, private equity, and venture capital funds.

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