Prior to the enactment of the Dodd­-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), many advisers to private funds had been exempt from registration as investment advisers, pursuant to former Section 203(b)(3) of the Advisers Act. Title IV of the Dodd-­Frank Act eliminated this exemption, causing many previously unregistered advisers to private funds to register with the SEC and thereby become subject to its regulatory oversight and enforcement authority.