On June 22, 2011, the Securities and Exchange Commission (the “SEC”) announced that it has extended the registration deadline for advisers that currently are not required to register with the SEC until March 30, 2012.

The SEC also adopted final rules implementing (i) amendments to the Investment Advisers Act of 1940, (ii) exemptions from registration for advisers to venture capital funds, private fund advisers with less than $150 million in assets under management and foreign private advisers, (iii) the mid-sized adviser registration requirements, and (iv) the exclusion from the definition of investment adviser for family offices. Upon the release of the final rules, we will be sending a more detailed memorandum to clients.

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If you have any questions with respect to the foregoing, please contact your primary attorney in the Investment Management Group at Seward & Kissel LLP.