On this page, we’ll quickly check several rarely seen exemption types. If you need a deeper explanation, click the triangle next to the question for more information. If your answer to any question is Yes, then click Yes below.
Is your business a bank, credit union, or bank holding company?
- To qualify as a bank, the business must be a “bank” as defined under EITHER Section 3 of the Federal Deposit Insurance Act, OR Section 2(a) of the Investment Company Act of 1940, OR Section 202(a) of the Investment Advisers Act of 1940.
- To qualify as a credit union, the business must be a “federal credit union” as defined in Section 101 of the Federal Credit Union Act OR a “state credit union” as defined in Section 101 of the Federal Credit Union Act.
- To qualify as a bank holding company, the business must be a “bank holding company” as defined in Section 2 of the Bank Holding Company Act of 1956 OR be a “savings and loan holding company” as defined in Section 10(a) of the Home Owners’ Loan Act.
Is your business a money transmitter business?
- To qualify for this exemption, the business must be registered as a “money transmitting business” with the Financial Crimes Enforcement Network OR be registered as a “money services business” with the Financial Crimes Enforcement Network.
Is your business a broker or dealer in securities or a securities exchange or clearing agency?
- To qualify as a broker or dealer in securities, the business must meet the definition of “broker” or “dealer” under Section 3 of the Securities Exchange Act of 1934 AND must be registered under Section 15 of the Securities Exchange Act of 1934.
- To qualify as a securities exchange or clearing agency, the business must be an “exchange” or “clearing agency” as those terms are defined in Section 3 of the Securities Exchange Act of 1934 AND the business is registered under Sections 6 or 17A of the Securities Exchange Act of 1934.
Is your business a venture fund capital adviser?
To qualify for this exemption, the business must BOTH be an “investment adviser” as described in Section 203(l) of the Investment Advisers Act of 1940, AND have filed Item 10, Schedule A, and Schedule B of Part 1A of Form ADV, or any successor thereto, with the Securities and Exchange Commission.
Is your business a public utility or a financial market utility?
- To qualify as a public utility, the business must be a “regulated public utility” as defined in in the Internal Revenue Code at 26 U.S.C. 7701(a)(33)(A) AND be a provider of telecommunications services, electrical power, natural gas, or water and sewer services within the United States.
- To qualify as a financial market utility, the business must meet the definition of financial market utility found in Section 804 of the Payment, Clearing, and Settlement Supervision Act of 2010 (12 U.S.C. 5463)
Is your business a pooled investment vehicle?
To qualify for this exemption, the business must meet BOTH of the following criteria:
- The business is defined as an “investment company” in Section 3(a) of the Investment Company Act of 1940, or would be an “investment company” under that section but for the exclusion provided from that definition by paragraph (1) or (7) of section 3(c) of that Act; and is identified by its legal name by the applicable investment adviser in its Form ADV, (or successor form) filed with the Securities and Exchange Commission or will be so identified in the next annual updating amendment to Form ADV required to be filed by the applicable investment adviser pursuant to Rule 204-1 under the Investment Advisers Act of 1940 (17 CFR 275.204-1); AND
- The business is operated or advised by any of these types of exempt entities:
- An exempt Bank;
- An exempt credit union;
- An exempt broker or dealer in securities;an exempt investment company or investment adviser; or
- An exempt venture capital fund adviser.