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DISB Provides Regulatory Relief to Support Local Businesses

Friday, February 5, 2016


New order excludes small venture capital fund investment advisers from District securities licensing requirements

The District of Columbia Department of Insurance, Securities and Banking (DISB) issued an order that excludes small venture capital investment advisers from District securities licensing requirements.

“Our goal is to provide a regulatory environment that fosters business growth and opportunity in the District of Columbia,” said Commissioner Stephen C. Taylor. “This is an example of our commitment to provide modern regulation that protects consumers, promotes innovation, and does not unduly burden our small and local business community.”

The Dodd–Frank Wall Street Reform and Consumer Protection Act authorized the states and the District to license investment advisers to venture capital funds. Since 2012, DISB has granted temporary licensing exclusions to these advisers with more than $100 million in assets under management. This action makes the regulatory relief permanent and extends it to venture capital advisers with less than $100 million in assets under management.

This exclusion from the licensing requirement does not exempt the advisers from compliance with the District’s other securities laws and regulations including anti-fraud provisions.

To view the order, follow this link [PDF].