The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), 1 which was signed into law on July 21, 2010, fundamentally changes a number of areas affecting private funds, including the regulation of swaps, a new restriction on the ability of banking entities to sponsor or invest in private funds (the “Volcker Rule”), and new reporting requirements for fund managers. This article discusses those changes, as well as more minor changes affecting the accredited investor defi nition, the qualifi ed client defi nition and Rule 506 disqualifi cations
