Securities and Exchange Commission March 2020 – Federal Register Recent Federal Regulation Documents

We are amending the definition of the term ``venture capital fund'' and the private fund adviser exemption under the Investment Advisers Act of 1940 (the ``Advisers Act'') to reflect in our rules exemptions from registration for investment advisers who advise rural business investment companies (``RBICs''). These exemptions were enacted as part of the RBIC Advisers Relief Act of 2018 (the ``RBIC Advisers Relief Act''), which amended Advisers Act sections 203(l) and 203(m), among other provisions. Specifically, the RBIC Advisers Relief Act amended Advisers Act section 203(l), which exempts from investment adviser registration any adviser who solely advises venture capital funds, by stating that RBICs are venture capital funds for purposes of the exemption. Accordingly, we are amending the definition of the term ``venture capital fund'' to include RBICs. The RBIC Advisers Relief Act also amended Advisers Act section 203(m), which exempts from investment adviser registration any adviser who solely advises private funds and has assets under management in the United States of less than $150 million, by excluding RBIC assets from counting towards the $150 million threshold. Accordingly, we are amending the definition of the term ``assets under management'' in the private fund adviser exemption to exclude the assets of RBICs.

Applicant seeks an order declaring that it has ceased to be an investment company. On July 31, 2019, applicant made liquidating distributions to its shareholders based on net asset value. Expenses of $32,432.84 incurred in connection with the liquidation were paid by the applicant's investment adviser. Filing Date: The application was filed on October 24, 2019. Applicant's Address: Three Canal Plaza, Suite 600, Portland, Maine 04101.

The Securities and Exchange Commission (``Commission'') is revising regulations with respect to the delegations of authority to the Commission's General Counsel. The revisions are a result of the Commission's experience with its bankruptcy program and they are intended to conserve Commission resources by delegating to staff the discretion to file objections in bankruptcy cases with respect to the frequently recurring issue of non-debtor third-party releases. The revisions will expedite and enhance the effectiveness of the Commission's bankruptcy program by enabling staff to meet bankruptcy court deadlines that affect issues important to the Commission.