On October 24, 2011, the SEC issued an order approving filing fees for Form ADV and Form PF, which must be filed through FINRA's Investment Adviser Registration Depository. Effective October 28, 2011, the filing fee for Form ADV will be $150 for each initial and annual report filed by reporting private fund advisers exempt from SEC registration under the Investment Advisers Act. Beginning on the effective date of Rule 204(b)-1 under the Investment Advisers Act, the filing fee for Form PF will be $150 for each quarterly and annual report filed by SEC-registered private fund advisers.

For more information on the Form ADV and Form PF reporting requirements and the related private adviser registration requirements and exemptions under the Dodd-Frank Act, see Legal Updates, SEC Approves Final Dodd-Frank Rules on Oversight of Investment Advisers and Family Offices Definition and SEC Approves Final Rule on Private Fund Systemic Risk Reporting.

To learn more about rulemaking relating to private equity and hedge funds under the Dodd-Frank Act, see Practice Notes, Road Map to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and Summary of the Dodd-Frank Act: Private Equity and Hedge Funds.