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Practical, Risk-Based Compliance for Exempt Reporting Advisers
DFP Partners provides practical, risk-based compliance support to Exempt Reporting Advisers, tailored to your firm’s structure, activities and regulatory obligations.
We help ERAs establish and maintain their exempt status, support required filings, write policies and procedures, analyze conflicts of interest, draft disclosures, and assess the regulatory impact of business changes before they happen.
We evaluate your eligibility for the venture capital fund adviser and private fund adviser exemptions. During this process, we analyze your fund offerings, affiliated relationships and organizational structures for regulatory implications. We also assess federal and state requirements, monitor changes that could affect your ERA status, and help plan the transition if registration becomes necessary.
We prepare your initial and annual Form ADV filings and any required amendments. We analyze your conflicts of interest and write your disclosures for accuracy and consistency with anti-fraud provisions and other applicable regulations.
We develop and update policies and procedures appropriate to your business, and provide ongoing guidance to your CCO, compliance personnel or senior management.
We assess the regulatory consequences of new funds, new affiliates and other significant changes before they are implemented, so surprises don’t surface after the fact.
DFP Partners has been in
business for over 60 years
Have been with us
for 10 years
Average industry tenure
at partner level
An Exempt Reporting Adviser (“ERA”) is an investment adviser that is exempt from SEC registration, typically because it advises only venture capital funds or only private funds with limited assets under management. Although ERAs are not required to register, they are not free of regulatory obligations. They must file and regularly update an abbreviated Form ADV, remain subject to the anti-fraud provisions of the Advisers Act and pay-to-play rules, and may face state registration or reporting requirements. They are also subject to SEC and state examination. FinCEN’s investment adviser anti-money laundering and countering the financing of terrorism (AML/CFT) rule for covered advisers is currently scheduled to take effect January 1, 2028.
Maintaining ERA status takes ongoing attention. Changes in fund structure, assets, investors, personnel or business activities can affect whether your exemption still applies.
Our team evaluates whether your firm qualifies for the venture capital fund adviser exemption or the private fund adviser exemption, and how your fund(s), affiliate(s) and organizational structures affect that analysis. We assess federal and state registration and reporting requirements, monitor developments that could jeopardize your exempt status, and assist with transition planning if registration becomes necessary.
We prepare initial and annual Form ADV filings and required amendments, write disclosures for accuracy and consistency, and coordinate applicable federal and state ERA filings. We also evaluate whether business changes trigger additional filing obligations.
Even without a registered adviser’s full compliance rule obligations, a well-built compliance program protects your firm and your investors. We develop and update policies and procedures appropriate to your business, including:
We also provide ongoing guidance to your CCO, compliance personnel or senior management, help implement and document compliance controls, and answer day-to-day and ad hoc questions as they arise.
We help you identify and address material conflicts of interest, and review offering materials, pitch books, DDQs and other investor communications. We evaluate consistency among your Form ADV, fund documents and marketing materials, assist with disclosures about conflicts, fees, expenses and business practices, and flag potentially misleading or incomplete statements.
We evaluate state registration and ERA reporting requirements, including those created by changes in personnel, locations, investors or business activities. We review affiliate and organizational structures for regulatory implications, evaluate reorganizations, acquisitions and new affiliates, and assist with state regulatory inquiries.
We monitor regulatory developments affecting ERAs and private fund advisers, evaluate the impact of new rules, interpretations and enforcement trends, and update procedures and disclosures as appropriate. If you’re facing an SEC or state examination, we help you prepare, respond to document requests and deficiency letters, and carry out remediation.
The best time to understand the regulatory impact of a business decision is before you make it. DFP can assess the implications of:
Our focus is to identify registration, filing, disclosure and compliance consequences before they become problems.
An ERA is an investment adviser that relies on an exemption from SEC registration, most commonly the venture capital fund adviser exemption or the private fund adviser exemption, but is still required to file certain reports with the SEC through Form ADV. ERAs remain subject to the Advisers Act’s anti-fraud provisions and pay-to-play requirements. FinCEN’s investment adviser AML/CFT rule for covered advisers is currently scheduled to take effect January 1, 2028.
Yes. ERAs complete and file a limited portion of Form ADV and must update it at least annually, with additional amendments required when certain information becomes inaccurate. DFP prepares initial and annual filings, handles amendments, and reviews disclosures for accuracy and consistency.
Possibly. Federal exemption does not guarantee exemption from state requirements, which vary by state and can be triggered by factors such as office locations, personnel and investors. We assess state registration and ERA reporting requirements and help you plan for any changes.
Changes in the types of funds you manage, your assets under management, your investor base, your organizational structure or your business activities can all affect eligibility. We monitor these changes and help you plan for registration if it becomes necessary.
ERAs are not subject to the same compliance program rule as registered advisers, but sound policies are still a practical necessity given anti-fraud, pay-to-play and examination exposure, and because investors and regulators expect them. We develop policies tailored to your business, covering conflicts, marketing, MNPI, books and records, cybersecurity, AML and pay-to-play.
Yes. We help you prepare for examinations, assist with document requests and deficiency responses, and support remediation.
Related services: Outsourced CCO · RIA Registration & Compliance · Investment Adviser AML Compliance Solutions · Cybersecurity