The noise surrounding hedge fund registration grew to a thunderous clap last week, as Congress heard testimony from several industry professionals and government officials on the merits of such a groundbreaking move.

The series of hearings on Capitol Hill comes on the heels of a Securities and Exchange Commission vote to approve a proposal to require hedge fund managers to open their books to its examiners. In a 3-2 decision, SEC commissioners put out for comment a rule requiring hedge fund advisors with at least 15 clients and $25 million or more under management to register with the Commission.

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