Vote Smart's Synopsis:

Vote to pass a bill that requires hedge fund investment managers to comply with the disclosure requirements of the Investment Advisers Act of 1940, regardless of whether the adviser is registered with the Securities and Exchange Commission (SEC).

Highlights:

-Eliminates investment advisers' five-resident client maximum for exemption from registering with Connecticut Banking Department (Sec. 1). -Requires the investment adviser to a hedge fund to disclose to investors or prospective investors of the hedge fund, thirty days before any investment, any financial or other interests that the investment adviser may have which may conflict with or impair the investment adviser's duties and responsibilities to the fund or its investors (Sec. 2).

Full Bill Text