Key takeaways 

• The SEC has approved an exemption from registration that will permit investment advisers currently relying on Section 203(b)(3) of the Advisers Act (including most private fund advisers) to defer registration until March 30, 2012. 
• The SEC has approved the publication of three releases relating to (i) the registration of private fund advisers under the Advisers Act, (ii) the new Advisers Act exemptions for venture capital fund advisers, certain small private fund advisers and foreign private advisers and (iii) the new exception from the definition of investment advisers applicable to “family offices.”