On March 15, 2010, Senator Christopher Dodd (D-CT) unveiled a revised draft of proposed legislation, the “Restoring American Financial Stability Act of 2010” (the “RAFSA”), for consideration by the Senate Committee on Banking, Housing, and Urban Affairs. The RAFSA includes expansive financial industry regulatory reforms, including the “Private Fund Investment Advisers Registration Act of 2010” (the “PFIARA”). The PFIARA, as proposed by Senator Dodd, is similar to a prior version of the PFIARA included in H.R. 4173, which passed the House of Representatives on December 11, 2009. If passed by Congress and signed into law in its present form, the PFIARA could have a significant impact on advisers to certain private funds, including hedge funds, private equity funds and permanent capital vehicles, by (1) requiring the registration of certain unregistered advisers under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and (2) imposing additional reporting and disclosure requirements on investment advisers, including those already registered under the Advisers Act. The Dodd version of the PFIARA lays out a framework for regulation of private fund advisors, but delegates to the SEC rulemaking authority for many of the details concerning the types of advisers that may face additional regulatory burden.