Private Investment Funds Update

The extensive rule making required by the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and other U.S. government agencies in order to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) continues at a rapid pace. Among the key recent developments:

• Investment Adviser Registration Likely to Be Delayed: The SEC has not yet finalized proposed rules establishing exemptions from registration as an investment adviser for family offices, venture capital advisers, advisers to private funds with less than $150 million, and non-U.S. advisers. In an April 8, 2011 letter, the SEC staff indicated that final rules are expected to be published by the July 21, 2011 deadline, and that the SEC expects to "consider" extending, to the first quarter of 2012, the date by which certain unregistered advisers (including advisers to private investment funds) must register.