EXCLUSION FOR PRIVATE FUND ADVISERS

003 EXCLUSION FOR PRIVATE FUND ADVISERS. Subject to the additional requirements of section 004, below, a private fund adviser shall be excluded from the definition of "investment adviser" pursuant to Neb. Rev. Stat. § 8-1101 (7)(i) if the private fund adviser satisfies each of the following conditions: 003.01 Neither the private fund adviser nor any of its advisory affiliates are subject to an event that would disqualify an issuer under Rule 506(d)(1) of SEC Regulation D, 17 C.F.R. § 230.506(d)(1); and 003.02 The private fund adviser files with the Department each report and amendment thereto that an exempt reporting adviser is required to file with the Securities and Exchange Commission pursuant to SEC Rule 204-4, 17 C.F.R. § 275.204-4.