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A proposal that would exempt the venture capital industry from strict regulations including requiring firms to register as investment advisers with the Securities and Exchange Commission drew cheers Thursday from the National Venture Capital Association, which has been fighting increased regulation.

The proposed exemption language was part of a draft of the Private Fund Investment Advisers Registration Act and was announced by Representative Paul Kanjorski (D-Pa.), chairman of the House Financial Services Capital Markets Subcommittee.

WSJ: New Draft Of Private Equity Regulation Bill Exempts VCs