On July 21, 2010, President Obama officially signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”), which represents the most sweeping regulatory overhaul of the financial markets since the Great Depression. Title IV of the Act, codified as the Private Fund Investment Advisers Registration Act of 2010 (the “Registration Act”), contains amendments to the Investment Advisers Act of 1940 (the “Advisers Act”) and certain other statutes that will impose more stringent registration, reporting and other regulatory requirements on investment advisers that provide advice to one or more “private funds” (defined as entities that would be required to register as investment companies under the Investment Company Act of 1940 (“Company Act”) but for an exemption provided under Sections 3(c)(1) or 3(c)(7) of the Company Act). Set forth in this alert is a summary of certain key provisions of the Registration Act.

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