On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new act seeks to address a wide range of problems that were exposed in the aftermath of the severe economic downturn in 2008 to 2009. Section 401 of the act specifically deals with the “Regulation of Advisers to Hedge Funds and Others.” Among the many important changes in Dodd-Frank was the elimination of a statutory exemption that many advisers to venture capital funds and private funds had relied on to be exempt from the registration requirements of the Investment Advisers Act of 1940.
At the same time, however, Dodd-Frank adopted new exemptions from registration under the advisers act for: (1) advisers solely to funds that qualify as “venture capital funds”; (2) advisers solely to private funds with less than $150 million under management (private fund advisers); and (3) non-U.S. advisers with less than $25 million in aggregate assets under management for fewer than 15 clients in the U.S.
Repeal of §203(b)(3)
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