UK: Foreign private advisers under Dodd-Frank

Corporate Update


Until recently, certain non-US investment advisors have been able to avoid registration relying on the 'private advisor' exemption. The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in July 2010 and effective as of July 2011, removed this exemption replacing it with following three narrower exemptions for non-US advisers.

  • The Foreign Private Adviser Exemption
  • The Private Fund Adviser Exemption
  • The Venture Capital Fund Exemption

Unless one of these narrower exemptions applies, then as of 31st March 2012, certain non-US advisors may be required to be registered with the SEC.

This update explains the new exemptions and the regulations underpinning them.


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