SEC to Vote on June 22, 2011 Whether to Adopt Rules to Implement Dodd-Frank Provisions Regarding Private Fund Manager Registration

White & Case LLP

The Securities and Exchange Commission ("SEC") recently published a notice stating that at an open meeting to be held onJune 22, 2011, the SEC will consider whether to adopt new rules and rule amendments that will implement certain provisionsof the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the registration of investment advisers underthe Investment Advisers Act of 1940 ("Advisers Act"). Specifically, the SEC stated in the notice announcing the meeting that itwill consider and vote on whether to adopt proposed rules that would: (1) implement new registration exemptions for privatefund advisers with less than US$150 million in private fund assets, venture capital fund advisers and foreign private advisers,(2) increase the statutory threshold for eligibility to register as an investment adviser with the SEC, (3) implement reportingrequirements for certain exempt reporting investment advisers, and (4) define "family offices" for purposes of the family officeexclusion from the definition of "investment adviser" under the Investment Advisers Act of 1940.

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