This summer, the SEC finalized the rules implementing the Investment Advisers Act of 1940 changes, which had been issued in proposed form near the end of 2010 following passage of The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111- 203, H.R. 4173).
The new rules, which went into effect July 21, 2011, will require many more investment fund managers to register, unless they qualify for one of the new, relatively narrow exemptions. In addition, even exempt fund managers will become subject to certain reporting requirements and SEC inspections.
Details regarding these rules have been covered in a series of posts on The Venture Alley: