On November 2, 2011, the Massachusetts Securities Division proposed new regulations that would 1.) change the requirements for investment advisers with discretion or custody of client funds; 2.) change the definition of “institutional buyer” found in the regulations; and 3.) introduce a private fund exemption for investment advisers to some private funds. For more information on these changes please visit the Division’s website at http://www.sec.state.ma.us/sct/sctnewregs_11_11/newregs_11_11_idx.htm.