1 CFTC STAFF TECHNICAL COMMENTS RE:

2 HEDGE FUND REGULATION PROVISIONS PROPOSED BY THE

3 SENATE COMMITTEE ON BANKING, HOUSING & URBAN AFFAIRS
4
5 INFORMATION SHARING REGARDING HEDGE FUNDS

6 [Explanation: Section 404 ofthe "Private Fund Investment Advisers Registration Act of2009"

7 includes, among other things, a savings clause providing that the legislation does not prevent

8 the SEC from complying with a request from any other Federal department or agency requesting

9 a report or information for purposes within the scope ofits jurisdiction. Given the quantity of

10 new information that will be available to the SEC with respect to hedge funds, the amendment

11 proposed below would go further and affirmatively require the SEC to share information with

12 other Federal agencies even in the absence ofsuch a request whenever the SEC determines that

13 such information may be appropriate for use by another Federal agency.]

14

15 (a) On page 293, insert after paragraph (7) ending in line 16, the following:

16 "(8) The Commission shall promptly provide any information filed with or

17 provided to the Commission (or any securities self-regulatory organization) by an

18 investment adviser under section 204(b), including registration information, upon request

19 made by any department or agency of the Government of the United States acting within

20 the scope of its jurisdiction. Whenever the Commission determines that such information

21 may be appropriate for use by any department or agency of the Government of the United

22 States, the Commission shall promptly provide such information without request."

23

24 (b) On page 293, lines 17 and 22, re-designate paragraphs (8) and (9) as paragraphs (9) and

25 (10), respectively.

CFTC-CREW-0272
 1 COMMODITY EXCHANGE ACT UNAFFECTED BY

2 MANDATORY HEDGE FUND REGISTRATION WITH THE SEC

4 [Explanation: The amendment proposed below would add a savings clause to clarify that

5 mandatory hedge fund adviser registration under the securities laws will not relieve hedge funds

6 or their advisors from any requirements of the Commodity Exchange Act.]

8 (a) On page 295, line 7, insert "(I)" after "(e)".

10 (b) On page 295, line 17, insert at the end the following:

11 "(2) Nothing in this Act shall relieve any person of any obligation or duty, or

12 affect the availability of any right or remedy available to the Commodity Futures Trading

13 Commission or any private party, arising under the Commodity Exchange Act (7 U.S.C.

14 1 et seq.) governing commodity pools, commodity pool operators, or commodity trading

15 advisors."

16

CFTC-CREW-0273