During an open meeting on June 22, 2011, the Securities and Exchange Commission (the "SEC") approved the adoption of new rules under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), as mandated by Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"). These rules, which are spelled out in three releases, will require advisers to hedge funds and other private funds to register with the SEC, establish new exemptions from SEC registration for certain advisers, reallocate regulatory responsibility for advisers between the SEC and states, expand Form ADV disclosure by investment advisers, revise the SEC's "pay-to-play" rule for advisers, and exclude certain "family offices" from the Advisers Act. While the Dodd-Frank Act amendments to the Advisers Act are generally effective as of July 21, 2011, the new SEC rules delay implementation of the new compliance requirements in a number of respects. Following is a brief summary of the changes effected by the Dodd-Frank Act and the new SEC rules.
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