Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Obama in July 2010. The Private Fund Investment Advisers Registration Act, Title IV of Dodd-Frank, will eliminate the private adviser exemption afforded by Section 203(b)(3) of the Advisers Act and require many managers of hedge funds and private equity funds to register as advisers with either the SEC or one or more state regulatory authorities no later than July 21, 2011.

Firms are required to implement new policies, procedures and technology to address a series of new regulations. In addition, advisers must:

• Preserve electronic business records in duplicate an easily accessible place for a minimum of five (5) years.
• Establish and maintain procedures to maintain and preserve records, so as to reasonably safeguard from loss, alteration or destruction.
• Limit access to records to properly authorized personnel and the SEC (including examiners and representatives).

The Dodd-Frank Wall Street Reform and Consumer Protection Act established the Bureau of Consumer Financial Protection (CFPB). The CFPB "regulate[s] the offering and provision of consumer financial products or services under the Federal consumer financial laws." For more information about the CFPB, click here: https://www.consumerfinance.gov/

Link to Regulation: http://housedocs.house.gov/rules/finserv/111_hr4173_finsrvcr.pdf
Helpful Link: https://www.sec.gov/spotlight/dodd-frank.shtml