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Summary of the Rule for Investment Advisers to Private Funds (Exempt and Small Firms)

WHAT’S THE RULE?  The Securities and Exchange Commission on June 22, 2011 adopted final rules on the reporting requirements for advisers to private funds that are exempt from the new registration mandate under the Dodd-Frank Act.  The rules also establish the framework for transferring oversight of all investment advisers with up to $100 million in assets under management from the SEC to the states.  Finally, the rules ensure that prohibitions against pay-to-play abuses will apply to the advisers to private funds that are exempt from registration.     

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