November 2, 2022

Washington, DC-based attorneys Adam Aderton, a partner in the Litigation Department and Securities Litigation & Enforcement Practice Group; Justin Browder, a partner in the Asset Management Department and co-head of the Willkie Digital Works practice; and asset management associate Jonathan Tincher, authored an article in Law360, “SEC Actions Offer Lessons For Exempt VC Reporting Advisers.”


The article discusses the recent wave of enforcement actions against venture capital fund advisers which reflects a continued expansion of the SEC’s longstanding focus on SEC-registered private fund advisers to venture capital fund advisers who are not registered with the SEC, but who are at risk of SEC enforcement. In the article, the authors analyzes venture capital fund advisers' regulatory status as exempt reporting advisers, and the SEC's recent pursuit of ERA enforcement. They also offer practical steps venture capital fund advisers and other ERAs may consider to mitigate regulatory risk arising from the SEC's focus on private funds.


Read the full article here