Missouri No-Action Letters Extend Section 203(b)(3) De Minimis Exemption for Advisers

The de minimis registration exemption for investment advisers under Section 203(b)(3) of the Investment Advisers Act of 1940 (Advisers Act),  although eliminated at the federal level by the Dodd-Frank Act, was extended by the Missouri Securities Division until the sooner of May 13, 2013 or the adoption of the Division's proposed private fund adviser exemption. The Division's latest advisory release from May 17, 2012 reiterates from recent no-action letters the extension of the exemption at Missouri securities rule 30-51.180 (6) for Missouri investment advisers that either: (1) previously qualified for the Missouri registration exemption at former Section 203(b)(3) of the Advisers Act; (2) were granted no-action letter relief by qualifying for the investment adviser registration exemption at former Section 203(b)(3) of the Advisers Act; or (3) are currently exempt from investment adviser registration under Section 203(l) of the Advisers Act for advisers that advise only venture capital funds.