On June 22, the SEC adopted rules defining three new exemptions from investment adviser registration mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. These exemptions were discussed in detail in our July 28 Client Advisory Summary and Analysis of Dodd-Frank Rules for Investment Advisers. The purpose of this Advisory is to provide easy-to-use guidance to assist U.S. based and Non-U.S. based investment advisers in making preliminary assessments of whether SEC or state registration likely will be required or permitted.