On November 19th, the SEC voted to propose new rules and rule amendments increasing the statutory threshold for registration by investment advisers with the SEC, requiring advisers to hedge funds and other private funds to register with the SEC, and addressing reporting by certain investment advisers that are exempt from registration. The Commission also voted to propose a second set of rules and rule amendments implementing new exemptions from the registration requirements of the Investment Advisers Act of 1940 for advisers to venture capital funds and advisers with less than $150 million in private fund assets under management in the United States. These proposed rules also clarify the meaning of certain terms included in a new exemption for foreign private advisers. SEC Press Release and Fact Sheet; See also Schapiro Remarks.