On June 22, the SEC adopted rules defining three new exemptions from investment adviser registration mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. These exemptions were discussed in detail in our July 28 Client Advisory Summary and Analysis of Dodd-Frank Rules for Investment Advisers. We have prepared an overview of the new exemptions from investment adviser registration to assist U.S.-based and Non-U.S.-based investment advisers in making preliminary assessments of whether SEC or state registration likely will be required or permitted.