H.R. 2586 would amend the Investment Advisers Act of 1940 to authorize the Commission to require the registration of hedge fund advisers under that Act.

== Detailed Summary ==

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(Log inSecurities and Exchange Commission Authority Restoration Act of 2007 - Amends the Investment Advisers Act of 1940 with respect to edit the wikiexemption from the requirement of registration for any investment adviser: (1) who has had fewer than fifteen clients during the course of the preceding twelve months; and be(2) who neither holds himself out generally to the firstpublic as an investment adviser, nor acts an an investment adviser to provideany registered investment company or a detailed summarycompany which has elected to be a business development company.

Authorizes the Securities and Exchange Commission (SEC) to: (1) limit the availability of this exemption; and (2) require the bill!)registration of any investment adviser by requiring that certain shareholders, partners, and beneficial owners of, or investors in, clients of the adviser be counted as clients themselves.<br>
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== Status of the Legislation ==

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Latest Major Action: 6/6/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.
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== Points in Favor ==

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== Points Against ==

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