New Texas Rules Require Texas-Based Investment Fund Managers to Conduct a Compliance Review Before March 31, 2014


Following proposals issued in October 2013, the Texas State Securities Board recently approved amendments to its investment adviser registration rules. The amendments take effect on March 31, 2014, and require currently exempt Texas-based private fund managers, including most private equity and venture capital funds, to confirm their exemption from Texas investment adviser registration and possibly either register with the Texas Securities Commissioner, or file a short-form ADV. The amendments also provide a new exemption that will be available for most Texas-based hedge fund managers with less than $150 million in assets under management.

A copy of Gardere’s Securities Alert on this development is available here

On a related note, we are pleased to welcome Investment Fund Partners George T. Lee III and Evan D. Stone to the Firm.  George and Evan have significant experience counseling private investment funds, including hedge funds, private equity funds and venture capital funds.  In addition to their transactional and structuring work, George and Evan are leading practitioners in the regulatory and compliance arena for private fund advisers and family offices.

The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.

Search Tips:

You may use the wildcard symbol (*) as a root expander.  A search for "anti*" will find not only "anti", but also "anti-trust", "antique", etc.

Entering two terms together in a search field will behave as though an "OR" is being used.  For example, entering "Antique Motorcars" as a Client Name search will find results with either word in the Client Name.


AND and OR may be used in a search.  Note: they must be capitalized, e.g., "Project AND Finance." 

The + and - sign operators may be used.  The + sign indicates that the term immediately following is required, while the - sign indicates to omit results that contain that term. E.g., "+real -estate" says results must have "real" but not "estate".

To perform an exact phrase search, surround your search phrase with quotation marks.  For example, "Project Finance".

Searches are not case sensitive.

back to top