Bill: SB 1005 – private fund advisers; exemption
Primary Sponsor: Sen. David Farnsworth
Status: Referred to Senate Financial Institutions; no further action taken
Summary: Exempts certain private fund advisers from licensure by the Arizona Corporation Commission if certain conditions are met.
Recommendation: The Greater Phoenix Chamber of Commerce supports this bill as an important economic development tool that was highlighted through the Chamber’s Phoenix Forward initiative.
Currently, Arizona is at a competitive disadvantage in attracting capital as many of our neighboring states have already implemented this exemption, either through state statute or federal guidelines. As a result, our state is being skipped over by investors looking to establish venture capital funds.
We urge the members of the Legislature to join us in supporting SB 1005.