A bill within Title IV of the Dodd-Frank Act of 2010 containing
the private fund adviser exemption: an exemption for advisers solely to private funds with less than $150M in assets under managements (AUM) in the United States, without regard to the number or type of private funds
the foreign private adviser exemption: an exemption for certain non-US advisers with no place of business in the US and minimal AUM (<$25M) attributable to the US clients and investors
the venture capital fund exemption: and exemption for advisers solely to VC funds