Hedge Fund Registration


Venture funds, private equity firms and hedge funds historically have been excluded from regulation under the ICA because of two exemptions in the definition of investment company, usually referred to as the 3(c)1 and 3(c)7 exemptions. The 3(c)1 exemption is intended to exclude small private investment vehicles so long as there are 100 investors or less in each vehicle and the vehicle complies with the private offering requirements of the Securities Act of 1933 (including, for example, the requirement that investors generally must be "accredited investors" to invest in such vehicles).

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