I 111th CONGRESS 1st Session H. R. 711 IN THE HOUSE OF REPRESENTATIVES January 27, 2009 Mr. Capuano (for himself and Mr. Castle) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients.

1.

Short title

This Act may be cited as the Hedge Fund Adviser Registration Act of 2009.

2.

Removal of the private advisor exemption

Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3) is amended by striking subsection (b)(3).