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Proposed New Legislation to Require Most Hedge Fund (and other Private Fund) Managers to Register with SEC and Become Subject to Regulation Under the Advisers Act

May 18, 2007

By The Investment Management Practice Group

On May 15, 2007, Senator Chuck Grassley (R- Iowa), the ranking member of the United States Senate Committee on Finance, introduced legislation in the United States Senate which would require investment advisers of most hedge funds and other private investment funds to register with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940 (the “Advisers Act”) and would subject such advisers to regulation under the Advisers Act.

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