Key takeaways:

• This memo serves as a reminder that private equity funds (and their managers/advisers) are subject to various types of regulation under U.S. federal law.
• Most U.S.-based fund advisers (as well as many non-U.S. based fund advisers) that are not currently registered as investment advisers with the SEC will be required to register under the Advisers Act by March 30, 2012.
• In 2011, the U.S. Treasury Department instituted a new reporting requirement -- the TIC SLT -- regarding cross-border holdings of long-term securities. This reporting obligation adds to other pre-existing reporting requirements on other TIC forms.
• In 2011, the SEC adopted Rule 13h-1, which requires that certain entities that exercise investment discretion over trading in NMS securities in excess of stated thresholds file Form 13H with the SEC to identify themselves as "large traders."