SEC Adopts Rules Implementing Dodd-Frank Investment Adviser Registration And Exemption Requirements

The Securities and Exchange Commission ("SEC") recently issued final rules and rule amendments implementing certain provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") that amend the Investment Advisers Act of 1940, as amended ("Advisers Act"). The new rules are of particular importance to private fund managers and others evaluating whether they must register as investment advisers with the SEC or whether they can rely on an exclusion from the definition of "investment adviser" in the Advisers Act or on certain exemptions from registration created by Dodd-Frank.

The final rules are described in two adopting releases issued by the SEC. The "Registration Release" sets forth final rules implementing certain amendments to the Advisers Act required by Dodd-Frank, including: