North Dakota Subscription Agreement - A Section 3C1 Fund
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FAQ
3(c)(1) In other words, 3C1 allows private funds with 100 or fewer investors (and venture capital funds with fewer than 250 investors) and no plans for an initial public offering to sidestep SEC registration and other requirements, including ongoing disclosure and restrictions on derivatives trading.
Section 3(c)(1) Funds ? A 3(c)(1) fund involves a private placement by a fund that will have no more than 100 beneficial owners.
3(c)(1) Funds After a fund establishes it is not making, or proposing to make, a public offering of its securities, the most common method for satisfying the second prong of the test and securing its exemption from the Act's requirements is structuring the fund to be owned by no more than 100 beneficial owners.
Analysis. Section 3(c)(11) of the 1940 Act, in pertinent part, excepts from the definition of "investment company" any "employee's stock bonus, pension, or profit-sharing trust which meets the requirements for qualification under section 401 of the Internal Revenue Code of 1986" (i.e., the "single trust exception").
12. Code Section 25202 provides a de minimis exemption from the licensure requirement under Section 25230 to any investment adviser that (1) has no place of business in this state and (2) during the preceding 12-month period has had fewer than six clients who are residents of this state.
Qualified Purchasers generally invest in a "3c7" limited partnership that can only accept Qualified Purchasers. Accredited Investors who are not qualified purchasers generally invest in the "3c1" limited partnership.
A 3(c)(1) fund is a pooled investment vehicle that is excluded from the definition of investment company in the Investment Company Act because it has no more than 100 beneficial owners (or, in the case of a qualifying venture capital fund, 250 beneficial owners) and otherwise meets criteria outlined in Section 3(c)(1) ...