On November 19, 2010, the Securities and Exchange Commission proposed new rules to implement certain provisions under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 concerning the registration of private fund investment advisers. Links to both proposals are provided below.  

Rules Implementing Amendments to the Investment Advisers Act of 1940  

Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management and Foreign Private Advisers