July 13, 2013
Re: Private Fund Legends
Private funds are "investment companies" for purposes of Sections 12(d)(1)(A)(i) and 12(d)(1)(B)(i) of the Investment Company Act of 1940.
The phrase in the proposed legend "securities offered are not subject to the provisions of the Investment Company Act" should be modified by inserting "generally" after the word "offered". Alternatively, the phrase could be modified by inserting "(other than the anti-pyramiding provisions)" after the word "provisions".
This is an easy fix and I cannot think of a reason not to make the legend accurate.
Joel A. Adler