The SEC Changeup On Private Equity Fund Registration

Law360, New York (August 5, 2011, 3:37 PM EDT) -- The Dodd-Frank Wall Street Reform and Consumer Protection Act eliminated the “private adviser” exemption to the requirement to register under the Investment Advisers Act of 1940. Many private fund advisers who relied on this exemption will now be required to register with the U.S. Securities and Exchange Commission as investment advisers.

The requirement to register is not, however, applicable to certain foreign private advisers, advisers to small business investment companies, venture capital funds, family offices, and advisers to funds with less than $150 million under management....
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