Virginia Proposes Private Fund Adviser Exemption

Virginia's short stop-gap private adviser exemption, effective September 7, 2011, will be replaced by the extensive proposed private fund adviser exemption now also considered by California, Massachusetts and Rhode Island, among other states. The anticipated effective date for the Virginia rule is May 1, 2012. Interested persons may submit written comments about the proposed rule to Joel H. Peck, Clerk of the Commission, c/o Document Control Center, P.O. Box 2118, Richmond, Virginia 23218, on or before April 12, 2012.