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ARTICLE · 17 FEBRUARY 2011

SEC Proposals for Offshore Advisers

McGuireWoods LLP
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Effective July 21, 2011, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) eliminates the exemption from federal investment adviser registration that is currently available to advisers with fewer than 15 clients.

United StatesFinance and Banking
David Pankey
David Pankey
Anitra Cassas
Anitra Cassas
Mehboob Dossa
Mehboob Dossa
Walter White, Jr.
Walter White, Jr.
Helena Whitmore
Helena Whitmore

EXECUTIVE SUMMARY

Effective July 21, 2011, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) eliminates the exemption from federal investment adviser registration that is currently available to advisers with fewer than 15 clients. In the past a large number of offshore advisers have relied on this exemption and, accordingly, are not currently registered with the SEC.

In place of this exemption, Dodd-Frank includes several new exemptions, including an exemption for foreign private advisers (Offshore Exemption), an exemption for advisers solely to venture capital funds (Venture Capital Exemption) and an exemption for advisers solely to private funds with assets under management (AUM) in the US of less than $150 million (150 Million Exemption).

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