More terms
Exempt Reporting Adviser
An adviser relying on the private-fund or venture-capital-adviser exemption from SEC registration while remaining subject to specified reports, antifraud rules, and possible state requirements.
What traders should verify
For Exempt Reporting Adviser, inspect the legal structure, adviser and Form ADV, investor eligibility, strategy, holdings, fees, leverage, liquidity, conflicts, and reporting date.
Do not conflate
The label Exempt Reporting Adviser does not by itself establish registration status, current holdings, liquidity, risk, performance, or investor eligibility.
Primary source
SEC definitionSource boundary: this glossary reflects SEC staff views and is not a Commission rule, regulation, or statement. Check the linked source for current wording and legal context.