Investment advisers are generally required to register with the SEC unless they qualify for an exemption from registration.  The Act eliminates the exemption for advisers with fewer than 15 clients but introduces new exemptions for small private fund advisers (private fund advisers with assets under management in the United States of less than $150 million), foreign private advisers, venture capital fund advisers and family offices.

Click here for a discussion of the requirement for investment advisers to register with the SEC and the limited set of exemptions from registration.