The Massachusetts Securities Division has adopted new rules for advisors to private investment funds, which will ultimately tighten requirements for which investors can put their money with certain alternative investments.

The new regulations follow a model that the North American Securities Administrators Association passed last December. Massachusetts is one of the first state securities regulators to adopt the rules.

“Providing a model rule for states to adopt will help promote uniformity and bring clarity to state regulation of private fund advisors,” according to Bob Webster, director of communications for NASAA. “At this point, it is up to each individual state to adopt the model rule.”

After Aug. 3, 2012, when enforcement begins, hedge funds, venture capital, private equity, and certain real estate funds, will have to register with the Massachusetts Securities Division, unless they meet specific exemption requirements.

For instance, a fund advisor whose clients were considered institutional buyers, are exempt from registration. That exemption also extends to funds that were operating before the new rules were passed on Feb. 3 and do not accept new investors.

Another exemption applies to advisors whose only clients are qualified purchasers and qualified clients. Such funds generally only accept individuals with at least $5 million and entities with $25 million to invest. A qualified client would need a net worth of $2 million.

Donna Mitchell writes for Financial Planning.