On January 26, 2011, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) jointly promulgated proposed Rule 204(b)-1 (the “Rule”) under the Investment Advisers Act of 1940 requiring most private fund advisers to file Form PF with the SEC. The Rule would also apply to private fund advisers who are also registered with the CFTC as commodity pool operators or commodity trading advisers.

The Rule was proposed in order to implement Sections 404 and 406 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) and is intended to provide information to the Financial Stability Oversight Council, established under the Dodd-Frank Act to monitor risks to the U.S. financial system.