Hedge Fund Disclosure Act

Last month, the House Banking and Financial Services Subcommitee on Capital
Markets, Securities and
Government-Sponsored Enterprises marked-up H.R. 2924, the Hedge Fund
Disclosure Act. This legislation
would require unregulated hedge funds to submit quarterly reports to the
Board of Governors of the Federal
Reserve System which would then be distributed to other agencies including
the SEC and CFTC.
These reports would be made available to the public to the extent required by
regulations prescribed
by the Board, and for other purposes.

We have attached a copy of the legislation as introduced, as well as the
manager's amendment as reported out of
Subcommittee for your comments. The bill has been referred to the full
Committee with no action scheduled as of yet.
We will be sure to keep you informed of any developments.