About the Hedge Fund State Regulation Guide

Regulation of investment companies and hedge funds are not handled by state securities laws, however states may indirectly regulate the funds through regulating the sale of interests in hedge funds.

If a hedge fund chooses not to register with the SEC they may be exempt from state regulatory requirements.

In this guide we hope to outline the hedge fund regulations in each state and provide as much information and as many online resources as possible for each state.

Tennessee: Hedge Fund Regulations

Out Of State Regulations:
Tenn. Comp. R. & Regs 0780-4-3.05(1)(b): "Any person domiciled in this state who, during the course of the preceding twelve (12) months, has had fewer than fifteen (15) clients and who neither holds himself out generally to the public as an investment adviser nor acts as an investment adviser to any investment company registered under the Investment Company Act" is exempt from registration requirements.

In State Regulations:
Exempt, based on examiner's reference to Tenn. Comp. R. & Regs 0780-4-3.05(1)(b)

Comments on this regulation:
Exemption based on an exemption to the registration requirements. Still may be subject to other rules applying to investment advisers. See Tenn. Comp. R. & Regs 0780-4-3.05 for exemptions.

State Regulations Website:
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