At an open meeting yesterday the US Securities and Exchange Commission ("SEC") voted to adopt new rules that will: (1) establish the new Dodd-Frank Act exemptions from registration for venture capital fund advisers, foreign private advisers and private fund advisers with less than US$150 million in assets in the United States; (2) implement the Dodd-Frank Act adviser registration exemptions and reallocate regulatory responsibility for mid-sized investment advisers; (3) amend Form ADV disclosure requirements for registered investment advisers; (4) impose new reporting requirements for "exempt reporting advisers"; and (5) define "family offices" for purposes of the exclusion from the definition of investment adviser.
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