On July 15, 2010, the U.S. Senate (the “Senate”) voted 60-39 to approve the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Bill”). The Bill, which is expected to be signed into law by the President, will implement broad based changes to the regulatory landscape governing U.S. financial markets. Of particular importance to investment advisers managing private investment funds is Title IV of the Bill, entitled the “Private Fund Investment Advisers Registration Act of 2010,” which is summarized below.