The "Restoring American Financial Stability Act of 2010" (the "Dodd Bill"), presently being considered by the U.S. Senate, if enacted as proposed, would have significant consequences for investment advisers managing hedge funds and similar private investment funds, whether presently registered, or exempt from registration, with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act").