February 14, 2012 – Rule 21 VAC 5-80-215 will be amended to repeal the stopgap provision adopted last year in Case No. SEC-2011-00034 and adopt the new model rule exemption for investment advisors to private funds. The purpose of this proposed regulation is to provide for an exemption for certain types of investment advisors who advise private funds from the requirement to be registered under § 13 .1-504 A of the Act. The advisors exempted by this rule will still be subject to the anti-fraud provisions of the Act. The proposed revisions should be considered for adoption with an effective date of May 1, 2012. For more information, see the Order to Take Notice.