June 29, 2006

Top House Democrats introduce hedge fund bill

WASHINGTON (Reuters) - Top Democrats on the U.S. House
Financial Services Committee unveiled on Thursday a bill to
reverse a recent court ruling that blocked efforts by the
Securities and Exchange Commission to force most U.S. hedge
fund advisers to register with the agency.

The legislation, called the "Securities and Exchange
Commission Authority Restoration Act of 2006," was introduced
by Massachusetts Reps. Barney Frank and Mike Capuano and Paul
Kanjorski of Pennsylvania.

The bill seeks to amend the Investment Advisers Act of 1940
"to authorize the commission to require the registration of
hedge fund advisers under that Act."