Private funds, or those that cannot market to the public, have been granted an extension to comply with a part of the Dodd-Frank act that will require them to register with the US Securities and Exchange Commission and subject them to reporting requirements.

The Dodd-Frank law - sweeping reforms passed in the US last July - include a clause requiring the registration of hedge fund managers and private equity fund managers. Nine weeks ago the deadline for this private fund registration was postponed, from July this year to March 2012. The alternative management industry has welcomed the deferral, but non-US managers are far from happy about the new rule.