What exactly does being exempt from Investment Adviser registration under Dodd-Frank mean?

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It is widely known that under the Dodd-Frank Act passed last year, private fund managers with assets under management of $150 million or more will be required to register as investment advisers with the SEC. It's also widely known that Congress exempted venture capital funds from this requirement. So does this mean that if you are the manager of a small hedge fund or that if you run a venture capital fund, you won't need to deal with the SEC? Unfortunately, no. In recent rule-making, the SEC has required exempt private fund managers to file many of the same forms as those of registered advisers.

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