On July 21, 2010, many single family offices watched President Obama sign into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act).1 Title IV of the Act is the Private Fund Investment Advisers Registration Act of 2010, which imposes new regulatory oversight on investment fund managers, requiring them to register with the Securities and Exchange Commission (SEC) and to make significant changes to their operations. It also repeals the private adviser exemption
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