Dodd-Frank Exemptions For Foreign Private Fund Advisers

On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") became law and eliminated the exemption from registration with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act") for private advisers with fewer than 15 clients effective July 21, 2011. Under the Dodd-Frank Act and new rules proposed by the SEC, foreign private advisers who do not fall within two narrowly drawn exemptions will be required to register under the Advisers Act. In this client alert, we briefly address regulatory issues related to foreign advisers and foreign funds. 

Exemption 1: Foreign Private Adviser Exemption