The SEC adopted new rules requiring each hedge and private equity fund manager with more than $150 Million in assets under management to register as an investment adviser by March 30, 2012.  The SEC is requiring new registrants to file their ADVs (Parts 1 and 2) no later than February 14, 2012 to allow for the 45-day review period.  Private fund advisers will be subject to the full panoply of Advisers Act regulation, including the obligation to implement a compliance program.  The SEC also expanded the ADV information about each private fund to include investment objective, size and ownership data, and service providers.  The SEC also amended several other Form ADV items, which will affect all advisers.  The SEC declined to expand the venture capital exemption other than to allow a 20% basket of non-qualifying investments.  The SEC also provided guidance on (i) the transition to state registration for advisers with less than $100 in AUM, (ii) foreign advisers, and (iii) family offices. 

OUR TAKE:  These final rules end this period of regulatory uncertainty for hedge and private equity fund managers unsure of their compliance dates.   Because the SEC issued final rules, only a dramatic reversal (or an act of Congress) will change the compliance dates or requirements.