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Hedge Fund Report
Summary of Key Developments Thus Far in 2009

In response to nearly unprecedented disturbances and failures in the global capital markets in 2008, the Obama administration, lawmakers and regulators have proposed a variety of significant legal and regulatory reforms thus far in 2009. These proposed reforms have the potential to change the nature of financial services regulation in the United States and beyond for years to come. Meanwhile, the Securities and Exchange Commission (the SEC) and private litigants have been busy sorting through the aftermath of 2008 as evidenced by recent enforcement actions and litigation. This report highlights certain of these key developments as they relate to the hedge fund industry and also contains links to a number of more in-depth treatments of these important topics. The report is divided into four main sections: (I) new and proposed securities-related legislation and regulation, (II) new and proposed changes to the tax law, (III) civil litigation-related developments, and (IV) regulatory enforcement-related developments. Paul Hastings attorneys are available to answer your questions on these, and any other, developments affecting hedge funds, their investors and their advisers.

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