On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which includes in Title IV the Private Fund Investment Advisers Registration Act of 2010 (PFIAR Act). The PFIAR Act will have a significant impact on advisers to private funds, many of whom will become subject to registration, recordkeeping and/or reporting requirements under the Investment Advisers Act of 1940 (Advisers Act). The provisions of the PFIAR Act will generally become effective one year after enactment, on July 21, 2011. However, the change to the accredited investor standard for individuals described below is effective immediately.

The Dodd-Frank Act also includes in Title VI the so-called

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