The Dodd-Frank Act
The Dodd-Frank Act, which was signed into law in 2010, created a few notable exemptions from federal investment adviser registration: namely, advisers to venture capital funds (not private equity funds), foreign private advisers with no place of business within the United States, advisers that only advise private funds with less than $150 million in assets under management in the United States, and advisers to licensed small business investment companies. The Act also modified existing exemptions, including the exemption for intrastate advisers and for commodity trading advisers. Other exemptions from federal registration include advisers to insurance companies, advisers to charities, and advisers to church plans.
The following are exceptions to the definition of an “investment adviser.” As such, they do not register federally, and states cannot require these entities to register as investment advisers:
- • a bank or bank holding company that is not an investment company and does not act as an investme
