48 Neb. Admin. Code, ch. 42, § 010 - GRANDFATHERING FOR INVESTMENT ADVISERS TO 3(C)(1) FUNDS WITH NON-QUALIFIED CLIENTS

An investment adviser to a 3(c)(1) fund, other than a venture capital fund, that has one or more beneficial owners who are not qualified clients as described in subsection 004.01, above, is eligible for the exclusion contained in section 003. above, of this regulation if the following conditions are satisfied:

010.01 The subject fund existed prior to the effective date of this regulation;

010.02 As of the effective date of this regulation, the subject fund ceases to accept beneficial owners who are not qualified clients, as described in subparagraph (c)(1) of this regulation:

010.03 The investment adviser discloses in writing the information described in subsection 004.02. above, to all beneficial owners of the fund: and

010.04 As of the effective date of this regulation, the investment adviser delivers audited financial statements as required by subsection 004.03

Notes

48 Neb. Admin. Code, ch. 42, § 010

Adopted effective 5/11/2016.