Section 403 of the Dodd-Frank Act will repeal, as of July 21, 2011, the private adviser exemption in Section 203(b)(3) of the Advisers Act.  Thus, under the Advisers Act and the proposed rules thereunder with respect to registration, (1) hedge fund advisers with at least $150 million in AUM in the U.S. that manage solely private funds and (2) hedge fund managers with AUM in the U.S. between $100 million and $150 million that manage at least one private fund and at least one other type of investment vehicle will have to register with the SEC.  The compliance date for hedge fund adviser registration currently is July 21, 2011.  However, in a letter dated April 8, 2011, Robert Plaze, Associate Director of the SEC’s Division of Investment Management, indicated that the SEC may extend the registration compliance date until the first quarter of 2012.  See “SEC Anticipates Extension of Compliance Dates for Hedge Fund Adviser Registration and Mid-Sized Adviser Deregistration,” Hedge Fund Law Report, Vol. 4, No. 12 (Apr. 11, 2011).  As registered investment advisers, formerly unregistered hedge fund managers will face a range of new regulatory obligations.  Among other things, registered hedge fund managers will be subject to examination by the SEC – or by FINRA, depending on how regulatory turf wars play out – and will be required to complete Form ADV, file Part 1A of Form ADV and file the brochure(s) required by Part 2A of Form ADV electronically with the Investment Adviser Registration Depository.  On examinations, see Part 1, Part 2 and Part 3 of our three-part series on what hedge fund managers need to know to prepare for, handle and survive SEC examinations.  On Form ADV, see “Application of Brochure Delivery and Public Filing Requirements of New Form ADV to Offshore and Domestic Hedge Fund Managers,” Hedge Fund Law Report, Vol. 4, No. 11 (Apr. 1, 2011).  In addition, registered hedge fund managers will have to comply with certain provisions of Regulation S-P, the SEC rule governing privacy of consumer financial information.  Many of the provisions of Regulation S-P are substantially similar to Federal Trade Commission privacy rules that, even before Dodd-Frank, applied to unregistered hedge fund managers.  Also, as a practical matter, even unregistered hedge fund managers have in many cases operated as if they were registered (including with respect to privacy of investor information) in order to accommodate the infrastructure demands of institutional investors.  However, the direct application of Regulation S-P to registered hedge fund advisers will constitute a regulatory change, and will require managers to revisit and revise (even if marginally) their privacy policies and procedures.  As hedge fund managers undertake such a revision process, they would do well to keep in mind a recent settlement order in an SEC administrative proceeding against the former chief compliance officer of a defunct broker-dealer.  This article discusses the legal context of the order, summarizes the factual and legal findings in the order and highlights the more notable privacy points for hedge fund managers.