On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), a broad overhaul of the nation’s financial regulatory system. The following is a detailed summary and analysis of certain provisions of the Act that are likely to have a significant impact on Regulation D private offerings, non-accelerated filers, registered representatives and investment advisers, and private fund advisers, including:

• the new “accredited investor” standard;
• disqualification of “bad actors” from Regulation D offerings;
• the Sarbanes-Oxley 404(b) exemption;
• fiduciary standards study for registered representatives and investment advisers; and
• registration and reporting requirements for advisers of private funds and other investment managers.

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