On December 10, 2010, NASAA published for comment a proposed model rule that would exempt investment advisers to certain types of private funds from state registration. NASAA received five comments in response to the proposed model rule. The drafters of the proposed rule reviewed the comments, and in response, revised several provisions within the proposed rule. NASAA is now publishing for comment a revised version of the model rule.

Download: Private Fund Adviser Model Rule and Memo

Request for Comments
Comments should be submitted electronically to advcomments@nasaa.org and copied to Joseph Brady, NASAA Deputy General Counsel at jb@nasaa.org.  The deadline for submission of comments is July 13, 2011.  Written comments may be mailed to NASAA, Attn. Joseph Brady, 750 First Street, NE, Suite 990, Washington, DC, 20002.