The SEC will consider several important rule changes for investment advisers at an Open Meeting tomorrow, 6/22.  The SEC will consider whether to adopt these new rules and/or rule amendments to the Investment Advisers Act of 1940:

Item 1:  To implement provisions of Dodd-Frank that, among other things, would increase the statutory threshold for registration of investment advisers with the Commission, require advisers to hedge funds and other private funds to register with the Commission, and address reporting by certain investment advisers that are exempt from registration.

Item 2:  To implement new exemptions from the registration requirements for advisers to venture capital funds and advisers with less than $150 million in private fund assets under management in the U.S.  The new rules also would clarify the meaning of certain terms included in a new exemption for foreign private advisers.

Item 3: To adopt a rule defining “family offices” that will be excluded from the definition of an investment adviser under the Investment Advisers Act of 1940.    [SEC Notices, 6/8/11, 6/21/11]