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ARTICLE · 06 JULY 2011
Timing And Exemptions During The Next Year
Goodwin Procter LLP
Effective as of July 21, 2011, the Dodd-Frank Act eliminated Section 203(b)(3) of the Advisers Act (commonly referred to as the "private adviser" exemption), which provided a federal registration exemption for any adviser that: (1) had fewer than 15 clients over the prior 12 months; (2) did not hold itself out to the public as an investment adviser; and (3) did not act as an investment adviser to a registered investment company or a business development company.
United StatesFinance and Banking
