The Berkeley Center for Law and Business (BCLB) recently submitted comments on the “Proposed SEC Rulemaking Regarding Exemption for Venture Capital Funds.” One pivotal element of the Dodd-Frank Wall Street Reform and Consumer Protection Act is its mandate that most private fund advisers register under the Investment Advisers Act. The Dodd-Frank Act, however, specifically exempted venture capital funds from this registration requirement. BCLB’s submitted comments on the SEC’s proposed implementing rules, which would significantly expand the scope of the Investment Advisers Act, are available here.