EVCA has published a note summarising the major issues relevant to European firms under the US Dodd-Frank Act. The note concentrates on the exemption proposed by the Securities and Exchange Commission for non-US advisers that meet a number of conditions, including that they have less than US $150 million in assets under management in the US. It also looks at the proposed definition of "venture capital funds", the foreign private adviser exemption and reporting requirements for exempt firms.