This continues to be a time of rapid change for the hedge fund
industry, as the Securities and Exchange Commission (the
"SEC"), the Commodity Futures Trading Commission (the
"CFTC"), and various other regulatory agencies, including
the Federal Reserve Board (the "Federal Reserve") and the
Department of the Treasury (the "Treasury"), continue to
propose and finalize rules to implement provisions of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (the
"Dodd-Frank Act"). There have also been a number of
significant developments in the hedge fund tax area, and the SEC
and private plaintiffs have continued to bring enforcement actions
and litigation involving hedge funds and other types of private
investment funds and fund managers.
