The reform law could have been worse for various segments of the financial services industry, like hedge funds. Another group that has reason to breathe easier is the venture capital industry (venture capital news). In essence, the new law leaves the industry alone. 

Venture capitalists argued successfully that they were too small to be systematically important, certainly incapable of bringing down the entire financial system, reports TheStreet.com. One executive told the news outlet: "We dodged a bullet." 

But one issueremains: The exact definition of a venture capital fund. As a subset of private equity (private equity news), venture capital funds with more than 15 investors still must register with the SEC, but that's about it. There are no new additional disclosure or trading data requirements. So as the SEC sets the exact definition, we may see some firms try to qualify as a venture capital fund to avoid certain rules and regulations.

For more:
- here's the article

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