On July 21, 2010, President Obama signed into law the comprehensive US financial regulatory reform bill referred to as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). Title IV of the Dodd-Frank Act, named the Private Fund Investment Advisers Registration Act of 2010 (hereinafter, "Title IV"), significantly amends the Investment Advisers Act of 1940 (the "Advisers Act") with the intention of eliminating a heavily relied upon adviser registration exemption so that most investment advisers with US clients will be required to register with the US Securities and Exchange Commission (the "SEC"), subject to much more narrow registration exemptions created by Title IV of the Dodd-Frank Act. This Alert focuses on the implications that the Title IV amendments to the Advisers Act are likely to have for investment advisers that have their principal office and place of business outside of the US ("Non-US Advisers").

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