Securities and Exchange Commission 2018 – Federal Register Recent Federal Regulation Documents

We are adopting amendments to the rule that defines a venture capital fund (rule 203(l)-1) and the rule that implements the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the ``Advisers Act'') in order to reflect changes made by title LXXIV, sections 74001 and 74002 of the Fixing America's Surface Transportation Act of 2015 (the ``FAST Act''), which amended sections 203(l) and 203(m) of the Advisers Act. Title LXXIV, section 74001 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to one or more ``venture capital funds'' in Advisers Act section 203(l) by deeming ``small business investment companies'' to be ``venture capital funds'' for purposes of the exemption. Accordingly, we are amending the definition of a venture capital fund to include ``small business investment companies.'' Title LXXIV, section 74002 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to ``private funds'' with less than $150 million in assets under management in Advisers Act section 203(m) by excluding the assets of ``small business investment companies'' when calculating ``private fund assets'' towards the registration threshold of $150 million. Accordingly, we are amending the definition of ``assets under management'' in the rule that implements the private fund adviser exemption to exclude the assets of ``small business investment companies.''

Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. On June 29, 2017 and August 7, 2017, applicant made liquidating distributions to its shareholders, based on net asset value. Expenses of $147,554 incurred in connection with the liquidation were paid by the applicant. Filing Dates: The application was filed on November 28, 2017. Applicant's Address: Worldwide Plaza, 309 West 49th Street, New York, New York, 10019.

The Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Commission's regulations under the Freedom of Information Act (``FOIA''). This rule proposes revisions to the Commission's regulations under the FOIA to reflect changes required by the FOIA Improvement Act of 2016 (``Improvement Act''); and clarify, update, and streamline the language of several procedural provisions.