Alert November 30, 2010

Goodwin Procter Issues Client Alert on SEC Proposal Defining New Adviser Registration Exemptions under Dodd-Frank Act and Related Reporting Requirements

Goodwin Procter has issued a Client Alert that discusses the SEC proposal to implement new exemptions from registration under the Advisers Act created by the Dodd-Frank Act for (i) venture capital fund advisers, (ii) advisers whose only clients are private funds that represent less than $150 million under management in the United States and (iii) non-U.S. advisers who manage less than $25 million attributable to U.S. persons.  The Client Alert also addresses a related SEC proposal that would require certain of the foregoing advisers, despite being exempt from Advisers Act registration, to nevertheless report a range of information regarding themselves and the private funds they manage to the SEC.