At an open meeting on June 22, the SEC voted to adopt rules substantially as proposed earlier this year that:

• implement provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), by requiring certain advisers to hedge funds and other private funds to register with the SEC;

• establish new exemptions from investment adviser registration and reporting requirements for certain advisers; and

• reallocate regulatory responsibility for advisers between the SEC and the states.