On November 19, the SEC announced
new rules to give effect to provisions of Dodd-Frank
that amend the Investment Advisers Act of
1940. Specifically, the provisions include
increasing the asset threshold for advisers to register with the
SEC and repealing the private adviser registration exemption.
Private advisers able to rely on one of the new exemptions from
registration under Dodd-Frank, however, would still be
required to satisfy certain reporting requirements.
The SEC also proposed rules to
implement the new exemptions under Dodd-Frank, including
one available to investment advisers that solely advise private
funds if the adviser has assets under management in the United
States of less than $150 million. A further exemption would be
available to foreign private advisers that: (i) have no place of
business the United States; (ii) have fewer than 15 U.S. clients
and private fund investors; (iii) have less than $25 million in
aggregate assets under management
