Small Business Investment Company (SBIC) Advisers Relief Act: The Amendments’ Impact to Fund Advisers
In December 2015, the Small Business Investment Company (SBIC) Advisers Relief Act was signed into law. The Act provides relief to SBIC fund advisers by (a) removing the requirement to register with state securities regulators, (b) excluding SBIC capital from assets under management for the private fund adviser exemption and (c) allowing advisers to SBICs and venture capital funds to use the federal exemption for venture capital funds.
In this LIVE Webcast, a panel of thought leaders and professionals brought together by The Knowledge Group will provide the audience with an in-depth discussion of the fundamentals and recent developments of the Small Business Investment Company (SBIC) Advisers Relief Act. The speakers will also offer the audience with the best practices and practicalities on how to best comply with the legal requirements of the SBIC Advisers Relief Act.
Key topics include:
- SBIC Advisers Relief Act - Legal Primer
- Identifying Federal Exemptions
- Expanding Private Fund Adviser Exemptions
- Preemption of State Registration Requirements
- Amendments to Section 203(l), Section 203A(b) and Section 203(m)
- Background tutorial to set the table
- Three changes to the law
- Recent guidance
- Updates on implementation
Alan B. Roth, Partner
Jenner & Block LLP
- The SBIC Program
- SBIC – A Public/Private Partnership
- Debenture Leverage and Terms
- Investment Limitations
- Fund Restrictions
- Benefits to Investors
- What is an “investment adviser”?
- The Advisers Act Analytical Framework
- SBIC Advisers Relief Act
Tamer Tullgren, Partner
Locke Lord LLP
- Overview of SBIC Program
- Types of SBICs
- Licensing Basics
- SBIC Advisers Relief Act
- SEC Guidance – SBIC Advisers Relief Act
Who Should Attend:
- Investment Advisers
- SBIC Advisers
- Small Business Investment Companies
- In-House Counsel
- Top Level Management
- Investment Lawyers
- Other related/interested Professionals and Organizations
Alan B. Roth is chair of the Investment Funds and SBIC Practice and a member of the Private Equity Practice. He focuses his practice in the areas of venture capital and private equity representation, including small business investment company (SBIC) licensing, investment and compliance, fund formation, corporate acquisitions, and representation of closely held corporations and individuals.
Mr. Roth is Chambers-ranked and leads one of the most active fund formation and SBIC practices in the United States, having practiced for more than 30 years in this area. Private equity sponsors seek his vast fund formation experience, including both in the pre-licensing and post-licensing stages of the process.
Before joining Jenner & Block in 2015, Mr. Roth worked as a partner in the Corporate, Mergers & Acquisitions, Private Equity and Venture Capital and Small Business Investment Companies Practices of a large international law firm.
Alan B. Roth is chair of the Investment Funds and SBIC Practice and a member of the Private Equity Practice. …
Tamer Tullgren represents public and private companies and private equity and venture capital funds in mergers and acquisitions, equity and debt financings and general corporate matters. He regularly counsels private equity, venture capital and mezzanine funds and institutional limited partners on fund formation matters, as well as advising funds in connection with becoming licensed as Small Business Investment Companies (SBICs) and regulatory requirements relating to SBIC investing.
In 2015, he was named an Emerging Lawyer by Leading Lawyer for Corporate Finance Law, Mergers & Acquisitions Law and Securities & Venture Finance Law.
Tamer Tullgren represents public and private companies and private equity and venture capital funds in mergers and acquisitions, equity and …
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About Jenner & Block LLP
Jenner & Block is a law firm with more than 500 attorneys and offices in Chicago, London, Los Angeles, New York and Washington, DC. Founded in 1914, the firm has prospered because of an unwavering commitment to our clients, to our people and to public service. Our firm has been widely recognized for delivering excellent legal representation in the boardroom and the courtroom. We are also known for our long tradition of pro bono advocacy, as well as service to the bar and to our communities. The American Lawyer magazine has ranked Jenner & Block as the Number One pro bono firm in the United States seven times, most recently in 2015.
About Locke Lord LLP
Locke Lord is a full-service, international law firm of more than 20 offices designed to meet clients’ needs around the world. The Firm has a history that spans more than 125 years and is a worldwide leader in the middle market sector. Locke Lord advises clients across a broad spectrum of industries including energy, financial services, fund formation, health care, insurance and reinsurance, private equity and venture capital, real estate, and technology, media and telecommunications, while providing a wealth of experience through its complex litigation, intellectual property, regulatory and transactional teams.