7.15.2009 The Obama Administration delivered draft legislation as part of its regulatory reform wherein it proposes that hedge funds and other private pools of capital be required to register with the Securities and Exchange Commission (SEC). In addition to imposing regulatory reporting requirements, the Private Fund Investment Advisers Registration Act of 2009 imposes disclosure requirements, strong conflict of interest and antifraud bars, SEC examination, enforcement, and recordkeeping requirements, and the requirement to establish a comprehensive compliance program.

Click http://www.ustreas.gov/press/releases/tg214.htm to access the Treasury fact sheet. Click http://www.treasury.gov/press/releases/reports/title%20iv%20reg%20advisers%20priv%20funds%207%2015%2009%20fnl.pdf to access the proposed legislation.