California Extends De Minimis Exemption

The California de minimis exemption for investment advisers who do not hold themselves out generally to the public as investment advisers and have had fewer than 15 clients during the preceding 12 months is being extended by emergency from April 17 to July 16, 2012. During this time period, the California Department of Corporations will be reviewing the comments it received on its proposed private fund adviser exemption to prepare that rule for final adoption. Adoption of the private fund adviser exemption will repeal the de minimis exemption.