SEC Adopts Final Rules under the Investment Advisers Act of 1940 Implementing Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act

On June 22, 2011, the Securities and Exchange Commission (the “SEC”) adopted final rules and rule amendments (the “Final Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”) to implement provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), specifically Title IV’s repeal of the “15-client exemption.”