Following proposals issued in October 2013, the Texas State Securities Board recently approved amendments to its investment adviser registration rules. The amendments take effect on March 31, 2014, and require currently exempt Texas-based private fund managers, including most private equity and venture capital funds, to confirm their exemption from Texas investment adviser registration and possibly either register with the Texas Securities Commissioner, or file a short-form ADV. The amendments also provide a new exemption that will be available for most Texas-based hedge fund managers with less than $150 million in assets under management.