On July 21^st, 2010, the President signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, which includes in Title IV, the Private Fund Investment Advisers Registration Act of 2010 (the “Registration Act”).The Registration Act, among other things, amends the Investment Advisers Act of 1940, (the “Advisers Act”) and has significant implications for advisers to both U.S. and non‐U.S. domiciled private funds.

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The Registration Act eliminates the exemption from registration with the Securities and Exchange Commission (“SEC”) for private fund advisers who have fewer than 15 clients and do not hold themselves out to the public as investment advisers. Consequently, unless an investment adviser to a private fund qualifies for another exemption, they will be required to register with the SEC.

Our guide discusses the main issues contained in the Registration Act, which we believe are relevant to Private Fund Advisers as they consider registration with the SEC.

A copy can be obtained visiting our Private Fund Adviser Registration page.