Detailed Summary

Hedge Fund Registration Act of 2007 - Amends the Investment Advisers Act of 1940 with respect to the exemption from registration requirements of an investment adviser who: (1) during the preceding 12 months has had fewer than 15 clients; (2) does not hold himself out generally to the public as an investment adviser; and (3) does not act as one to any registered investment company or a company which has elected to be a business development company.

Revises such exemption to specify, in addition to these criteria, that during the preceding 12-month period the investment adviser: (1) had assets under management of not more than million; and (2) did not manage the assets of more than 15 investors, whether individually, in a pooled investment vehicle, or otherwise.

Status of the Legislation

Latest Major Action: 5/15/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Points in Favor

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Points Against

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