SEC Adopts Final Rules Implementing Dodd-Frank Investment Adviser Registration Amendments and Extends Compliance Deadline for Registration Until March 30, 2012

White & Case LLP

At an open meeting yesterday the US Securities and Exchange Commission (“SEC”) voted to adopt new rules that will: establish the new Dodd-Frank Act exemptions from registration for venture capital fund advisers, foreign private advisers and private fund advisers with less than US $150 million in assets in the United States; implement the Dodd-Frank Act adviser registration exemptions and reallocate regulatory responsibility for mid-sized investment advisers; amend Form ADV disclosure requirements for registered investment advisers; impose new reporting requirements for “exempt reporting advisers”; and define “family offices” for purposes of the exclusion from the definition of investment adviser.

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