Newsletter Jul/Aug 2009: US hedge fund adviser regulation moves forward

The Obama Administration delivered legislation to Congress in mid-July* for the registration and regulation of hedge fund advisors in the US. This forms part of the wider proposals for the reform of US financial regulation. Under the hedge fund legislation, all advisers to private investment funds with more than $30m of assets under management (AUM) – including hedge funds – must register with the US Securities and Exchange Commission (SEC).