The SEC is adopting rules to implement new exemptions from the registration requirements of the Advisers Act for advisers to certain privately offered investment funds; these exemptions were enacted as part of the Dodd-Frank Act. As required by Title IV of the Dodd-Frank Act -- the Private Fund Investment Advisers Registration Act of 2010 -- the new rules define "venture capital fund" and provide an exemption from registration for advisers with less than $150 million in private fund assets under management in the United States. The new rules also clarify the meaning of certain terms included in a new exemption from registration for "foreign private advisers." Release No. IA-3222.