---
title: What is an Exempt Reporting Adviser filing?
description: An exempt reporting adviser is an investment adviser that is not required to register with the SEC or with state securities authorities but is required to file an annual report via a Form ADV. You can
---

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# What is an Exempt Reporting Adviser filing?

An exempt reporting adviser is an investment adviser that is not required to register with the SEC or with state securities authorities but is required to file an annual report via a Form ADV. You can learn more about this requirement in the [SEC’s “VC Exemption,” Rule 203(l)-1 of the Advisers Act.](https://www.sec.gov/divisions/investment/guidance/im-guidance-2013-13.pdf)

If you are advising your investors (or LPs) and taking carry, you may need to file a Form ADV. You have 60 days from the date of your first securities offering to do so.

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