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From Kirsten Bischoff, Opalesque New York:

US hedge funds spent much of the day waiting to see what Washington DC had in store for the industry.

“Looks like we have our first proposed bill from a member of Congress related to the new Obama Plan,” Bill Mulligan, CEO of Compliance firm HedgeOp wrote to clients this afternoon. The firm, like many in the industry sifted through legislative proposals as they were released and moved quickly to provide hedge fund manager clients with in-depth outlines of what impact each new proposal could have.

Closely following the release of the Obama regulation proposal for the larger US financial markets, Senator Jack Reed (D-RI) released legislation that would place the SEC registration requirements on all hedge funds with assets in excess of $30m.

Specifically, the Private Fund Transparency Act of 2009 will:

- Require all hedge fund and other investment pool advisers that manage more than $30 million in assets to register as investment advisers with the SEC. The remaining smaller funds will continue to fall under state oversight. - Provide the SEC with the authority to collect information from the hedge fund industry and other investment pools, including the risks they may pose to the financial system. - Authorize the SEC to require hedge funds and other investment pools to maintain and share with other federal agencies any information necessary fo......................

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