On July 15, 2009, the U.S. Department of the Treasury proposed legislation titled “Private Fund Investment Advisers Registration Act of 2009.” The proposed act (the “Proposed Act”) would amend the Investment Advisers Act of 1940 (the “Advisers Act”) to require any U.S.-based investment fund manager with more than $30 million in assets under management to register as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”).

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