On June 22, 2011, the Securities and Exchange Commission (SEC) adopted final rules implementing the portion of Dodd-Frank that requires advisers to private equity funds to register with the SEC. As expected, though long-delayed, the rules implement a transitional exemption period so that private equity fund advisers, newly required to register, do not have to do so until March 30, 2012.

As discussed in numerous Calfee First Alert bulletins throughout the past year, on July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which affects virtually every kind of financial institution in the United States and is clearly one of the most significant and wide-ranging overhauls of financial regulation in this country since the 1930s.  Title IV of Dodd-Frank is called the Private Fund Investment Advisers Registration Act of 2010 (Registration Act). The Registration Act affects all private funds that claim exemption from the Investment Company Act of 1940 under Section 3(c)(1) or 3(c)(7) of that statute. This includes practically all hedge, leveraged-buyout, venture capital, real estate, mezzanine-debt, and distressed-debt funds, as well as funds-of-funds. The final rules adopted by the SEC on June 22 implement significant portions of the Registration Act.