On May 20, 2010, the U.S. Senate (the “Senate”) voted 59-39 to approve the Restoring American Financial Stability Act of 2010 (the “Senate Bill”). The Senate Bill would require most advisers to private funds (including advisers to hedge funds but not advisers to “venture capital funds” and “private equity funds” as defined by the SEC) to register as investment advisers with the Securities and Exchange Commission (the “SEC” or the “Commission”) under the Investment Advisers Act of 1940, as amended. The Senate Bill would also impose various recordkeeping and disclosure requirements on private fund managers.