Modernizing the SEC’s Definition of Venture Capital Fund

What Does it Mean to be ERA? Exempt Reporting Advisors register with the SEC under a more limited compliance and reporting regime, which simplifies and reduces the costs of running a venture capital fund. Reduced compliance costs due to: Limited form ADV filing; No form PF requirements; No routine audits, though still subject to for cause examinations; No additional cost of RIA compliance program. ● ● ● ● Greater freedom of external communications as advertising rule not applicable. Also not subject to custody or bookkeeping rules, further reducing costs and complexity of VC fund management. nvca

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