On June 22, 2011, the Securities and Exchange Commission (SEC) adopted rules implementing certain provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Specifically, the new rules (i) eliminate the private fund adviser registration under Section 203(b)(3) of the Investment Advisers Act of 1940 (Advisers Act); (ii) require greater disclosure by registered investment advisers and each managed private fund; (iii) establish reporting requirements for certain advisers exempt from registration with the SEC; (iv) reallocate regulatory oversight of certain mid-sized advisers to the states; (v) propose amendments to the "pay-to-play" rules of the Advisers Act, and (vi) established three new exemptions from registration with the SEC. The SEC also approved a new rule to define "family offices" that are excluded from the Advisers Act.