President Obama signed the Jumpstart Our Business Startups Act, HR 3606 (the "JOBS Act") on Thursday, April 5, 2012, which contains significant amendments to the private capital raising provisions in the Securities Act of 1933.

The staff of the Securities and Exchange Commission (the "Commission") issued a no-action letter on January 18, 2012 to the American Bar Association’s Subcommittee on Hedge Funds clarifying the registration requirements for certain related entities under the Investment Advisers Act of 1940, as amended (the "Advisers Act").