Background. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), which was signed into law on July 21, 2010, was designed in part “to promote the financial stability of the United States by, among other measures, establishing better monitoring of systemic risks to the nation’s financial system.” The Dodd-Frank Act created the Financial Stability Oversight Council (“FSOC”) to monitor systemic risks to financial stability. Title IV of the Dodd-Frank Act amended the Investment Advisers Act of 1940, as amended to require that most advisers of hedge funds and other private investment funds register with the Securities and Exchange Commission (“SEC”) as investment advisers and Section 404 of the Dodd-Frank Act requires that such registered private fund advisers maintain such records and file such reports as the SEC, by rule, deems necessary for the assessment of systemic risk by the FSOC.