Private Fund Transparency Act of 2009

H.R. 4173, S. 3217 - Financial regulatory reform; Money market mutual fund regulation; H.R. 1445, S. 1073 - Credit rating agencies; S.139, S. 1490, S.141, H.R. 2221, S. 773 - Data privacy; H.R. 3126 - Consumer financial protection agency; S. 569 - Anti money laundering H.R. 711, S. 1276, S. 344 - Registration of advisors to private pools of capital; H.R. 991, H.R. 1020, S. 931 - Arbitration of brokerage dispute; H.R. 1699, H.R. 977, S. 272, H.R. 2448, S. 447, H.R. 3153 Credit derivatives; Equity trading (flash, high-frequency, dark pools); Volcker rule; Systemic risk/banking and financial services industry oversight; Thrift and state trust charters; Extension of fiduciary duties for investment advisors and broker dealers; Resolution authority; Payment, clearing, settlement regulation Capital requirements

Client expense: $660,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislative and regulatory measures and Congressional studies affecting the hedge fund industry and other alternative investments. S. 447 Prevent Excessive Speculation Act S. 344 Hedge Fund Transparency Act S.298 Financial Markets Commission Act S. 272 Derivatives Trading Integrity Act H.R. 977 Derivatives Markets Transparency and Accountability Act H.R.711 Hedge Fund Adviser Registration Act H.R.713 Hedge Fund Study Act S. 1276 Private Fund Transparency Act H.R. 3269 Corporate and Financial Institution Compensation Act H.R. 3126 Consumer Financial Protection Agency H.R. 3817 Investor Protection Act H.R. 3818 Private Fund Investment Advisers Registration Act H.R.4173 The Wall Street Reform and Consumer Protection Act H.R. 4173 Dodd-Frank Wall Street Reform and Consumer Protection Act S. 961 Authorizing the Regulation of Swaps Act H.R. 3145 Credit Default Swap Prohibition Act H.R. 3300 The Derivatives Trading Accountability and Disclosure Act H.R. 3996 Financial Stability Improvement Act S. 1961 Comprehensive Derivatives Regulation Act H.R. 3795 Over-the-Counter Derivatives Markets Act S. 2927 Wall Street Fair Share Act S. 3217 Restoring American Financial Stability Act

Client expense: $890,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 4173, S. 3217 - Financial regulatory reform; Money market mutual fund regulation; H.R. 1445, S. 1073 - Credit rating agencies; S.139, S. 1490, S.141, H.R. 2221, S. 773 - Data privacy; H.R. 3126 - Consumer financial protection agency; S. 569 - Anti money laundering H.R. 711, S. 1276, S. 344 - Registration of advisors to private pools of capital; H.R. 991, H.R. 1020, S. 931 - Arbitration of brokerage dispute; H.R. 1699, H.R. 977, S. 272, H.R. 2448, S. 447, H.R. 3153 Credit derivatives; Equity trading (flash, high-frequency, dark pools); Volcker rule; Systemic risk/banking and financial services industry oversight; Thrift and state trust charters; Extension of fiduciary duties for investment advisors and broker dealers; Resolution authority; Payment, clearing, settlement regulation Capital requirements

Client expense: $660,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

S.344 Hedge Fund Transparency Act - requires hedge funds to register with the SEC. NVCA wants language clarification. S1276-The Private Fund Transparency Act of 2009. NVCA wants language clarification to exclude the venture capital industry. HR 711 - The Hedge Fund Advisor Act of 2009: NVCA opposes any inclusion of venture capital industry in this bill. Title IV - Registration of Advisors to Private Fund; oppose administration language to require vc firms to register with the SEC.

Client expense: $570,843 · Firm income: Not reported

Government targets: Centers For Medicare and Medicaid Services (CMS), Energy, Dept of, Environmental Protection Agency (EPA), Food & Drug Administration (FDA), HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), Patent & Trademark Office (PTO), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office

Taxation of carried interest. S. 344, Hedge Fund Transparency Act, A bill to require hedge funds to register with the Securities and Exchange Commission, and for other purposes; H.R. 4213, Tax Extenders Act of 2009 (Became PL 111-205, 7-22-10); (continuation on next page) H.R. 1935, To amend the Internal Revenue Code of 1986 to provide for the treatment of partnership interests held by partners providing services. S. 3793, Job Creation and Tax Cuts Act of 2010 (tax extenders) H.R. 711, Hedge Fund Adviser Registration Act of 2009, To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients. S. 1276, Private Fund Transparency Act of 2009, A bill to require investment advisers to private funds, including hedge funds, private equity funds, venture capital funds, and others to register with the Securities and Exchange Commission and for other purposes.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

H.R. 4173, S. 3217 - Financial regulatory reform; Money market mutual fund regulation; H.R. 1445, S. 1073 - Credit rating agencies; S.139, S. 1490, S.141, H.R. 2221, S. 773 - Data privacy; H.R. 3126 - Consumer financial protection agency; S. 569 - Anti money laundering H.R. 711, S. 1276, S. 344 - Registration of advisors to private pools of capital; H.R. 991, H.R. 1020, S. 931 - Arbitration of brokerage dispute; H.R. 1699, H.R. 977, S. 272, H.R. 2448, S. 447, H.R. 3153 Credit derivatives; Equity trading (flash, high-frequency, dark pools); Volcker rule; Systemic risk/banking and financial services industry oversight; Thrift and state trust charters; Extension of fiduciary duties for investment advisors and broker dealers; Resolution authority; Payment, clearing, settlement regulation Capital requirements

Client expense: $990,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislative and regulatory measures and Congressional studies affecting the hedge fund industry and other alternative investments. S. 447 Prevent Excessive Speculation Act S. 344 Hedge Fund Transparency Act S.298 Financial Markets Commission Act S. 272 Derivatives Trading Integrity Act H.R. 977 Derivatives Markets Transparency and Accountability Act H.R.711 Hedge Fund Adviser Registration Act H.R.713 Hedge Fund Study Act S. 1276 Private Fund Transparency Act H.R. 3269 Corporate and Financial Institution Compensation Act H.R. 3126 Consumer Financial Protection Agency H.R. 3817 Investor Protection Act H.R. 3818 Private Fund Investment Advisers Registration Act H.R.4173 The Wall Street Reform and Consumer Protection Act S. 961 Authorizing the Regulation of Swaps Act H.R. 3145 Credit Default Swap Prohibition Act H.R. 3300 The Derivatives Trading Accountability and Disclosure Act H.R. 3996 Financial Stability Improvement Act S. 1961 Comprehensive Derivatives Regulation Act H.R. 3795 Over-the-Counter Derivatives Markets Act S. 2927 Wall Street Fair Share Act S. 3217 Restoring American Financial Stability Act

Client expense: $980,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Investment Company Act; Investment Advisers Act; H.R. 711, The Hedge Fund Registration Act; S 344, Hedge Fund Transparency Act; H.R. 302, Reinstating the Uptick Rule; S 1276, Private Fund Transparency Act; H.R. 3818, Private Fund Investment Advisers Registration Act of 2009; S 3217, Restoring American Financial Stability Act of 2010; H.R. 4173, Wall Street and Consumer Protection Act of 2009; International issues; H.R. 4173, Dodd-Frank Wall Street Reform and Consumer Protection Act

Client expense: Not reported · Firm income: $250,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

HR 710 To secure additional Tier I capital for the U.S. banking system from parties other than the federal government by providing authority to the secretary of the treasury to guaranty certain new preferred stock investments made by public pensions acting in a collective fashion, and for other purposes HR 1754 To create a systemic risk monitor for the financial system of the United States, to oversee financial regulatory activities of the federal government, and for other purposes H.R.2221: To protect consumers by requiring reasonable security policies and procedures to protect computerized data containing personal information, and to provide for nationwide notice in the event of a security breach. HR. 3126: Establishment of the Consumer Financial Protection Agency H.R. 3269: To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation and to prevent perverse incentives in the compensation practices of financial institutions HR. 3310: To reform the financial regulatory system of the United States, and for other purposes H.R.3817: To provide the Securities and Exchange Commission with additional authorities to protect investors from violations of the securities laws H.R. 4173, to provide for financial regulatory reform, to protect consumers and investors, to enhance federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, executive compensation S 344 A bill to require hedge funds to register with the Securities and Exchange Commission, and for other purposes S 605 A bill to require the Securities and Exchange Commission to reinstate the uptick rule and effectively regulate abusive short selling activities. S. 961 to authorize the regulation of credit default swaps and other swap agreements, and for other purposes S. 1006 to require a supermajority shareholder vote to approve excessive compensation of any employee of a publicly-traded company S. 1074 to provide shareholders with enhanced authority over the nomination, election, and compensation of public company executives S. 1276 A bill to require investment advisers to private funds, including hedge funds, private equity funds, venture capital funds, and others to register with the Securities and Exchange Commission, and for other purposes. S.1661: A bill to protect older Americans from misleading and fraudulent marketing practices, with the goal of increasing retirement security. S. 3149 to amend the Internal Revenue Code of 1986 to limit certain executive compensation paid by systemically significant financial institutions S 3217 To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end `too big to fail', to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices - regulatory reform

Client expense: $425,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Treasury, Dept of, U.S. Trade Representative (USTR)

Taxation of carried interest. S. 344, Hedge Fund Transparency Act, A bill to require hedge funds to register with the Securities and Exchange Commission, and for other purposes; H.R. 4213, Tax Extenders Act of 2009; (continuation on next page) H.R. 1935, To amend the Internal Revenue Code of 1986 to provide for the treatment of partnership interests held by partners providing services. H.R. 711, Hedge Fund Adviser Registration Act of 2009, To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investmet advisors with less than 15 clients. S. 1276, Private Fund Transparency Act of 2009, A bill to require investment advisers to private funds, including hedge funds, private equity funds, venture capital funds, and others to register with the Securities and Exchange Commission and for other purposes.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

S.344 Hedge Fund Transparency Act - requires hedge funds to register with the SEC. NVCA wants language clarification. S.1276 - The Private Fund Transparency Act of 2009. NVCA wants language clarification to exclude the venture capital industry. HR 711 - The Hedge Fund Advisor Act of 2009; NVCA opposes any inclusion of venture capital industry in this bill. Title IV - Registration of Advisors to Private Fund, oppose administration language to require vc firms to register with the SEC.

Client expense: $826,067 · Firm income: Not reported

Government targets: Energy, Dept of, Environmental Protection Agency (EPA), Food & Drug Administration (FDA), HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), Patent & Trademark Office (PTO), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislative and regulatory measures and Congressional studies affecting the hedge fund industry and other alternative investments. S. 447 Prevent Excessive Speculation Act S. 344 Hedge Fund Transparency Act S.298 Financial Markets Commission Act S. 272 Derivatives Trading Integrity Act H.R. 977 Derivatives Markets Transparency and Accountability Act of 2009 H.R.711 Hedge Fund Advisor Registration Act of 2009 H.R.713 Hedge Fund Study Act S. 1276 Private Fund Transparency Act of 2009 H.R. 3269 Corporate and Financial Institution Compensation Act of 2009 H.R. 3126 Consumer Financial Protection Agency H.R. 3817 Investor Protection Act H.R. 3818 Private Fund Investment Advisers Registration Act H.R.4173 The Wall Street Reform and Consumer Protection Act of 2009 S. 961 Authorizing the Regulation of Swaps Act H.R. 3145 Credit Default Swap Prohibition Act of 2009 H.R. 3300 The Derivatives Trading Accountability and Disclosure Act of 2009 H.R. 3996 Financial Stability Improvement Act S. 1961 Comprehensive Derivatives Regulation Act of 2009 H.R. 3795 Over-the-Counter Derivatives Markets Act of 2009 S. 2927 Wall Street Fair Share Act S. 3217 Restoring American Financial Stability Act of 2010

Client expense: $1,370,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

HR 710 To secure additional Tier I capital for the U.S. banking system from parties other than the federal government by providing authority to the secretary of the treasury to guaranty certain new preferred stock investments made by public pensions acting in a collective fashion, and for other purposes HR 977 To amend the Commodity Exchange Act to bring greater transparency and accountability to commodity markets, and for other purposes. HR 1754 To create a systemic risk monitor for the financial system of the United States, to oversee financial regulatory activities of the federal government, and for other purposes H.R.2221: To protect consumers by requiring reasonable security policies and procedures to protect computerized data containing personal information, and to provide for nationwide notice in the event of a security breach. HR. 3126: Establishment of the Consumer Financial Protection Agency H.R. 3269: To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation and to prevent perverse incentives in the compensation practices of financial institutions HR. 3310: To reform the financial regulatory system of the United States, and for other purposes H.R.3817: To provide the Securities and Exchange Commission with additional authorities to protect investors from violations of the securities laws H.R.3996 To improve financial stability H.R. 4173, to provide for financial regulatory reform, to protect consumers and investors, to enhance federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, executive compensation S 272 A bill to amend the Commodity Exchange Act to ensure that all agreements, contracts, and transactions with respect to commodities are carried out on a regulated exchange, and for other purposes. S 344 A bill to require hedge funds to register with the Securities and Exchange Commission, and for other purposes S 356 A bill to amend the Bank Holding Company Act of 1956 and the Revised Statutes of the United States to prohibit financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities, and for other purposes. S 605 A bill to require the Securities and Exchange Commission to reinstate the uptick rule and effectively regulate abusive short selling activities. S. 961 to authorize the regulation of credit default swaps and other swap agreements, and for other purposes S. 1006 to require a supermajority shareholder vote to approve excessive compensation of any employee of a publicly-traded company S. 1074 to provide shareholders with enhanced authority over the nomination, election, and compensation of public company executives S. 1276 A bill to require investment advisers to private funds, including hedge funds, private equity funds, venture capital funds, and others to register with the Securities and Exchange Commission, and for other purposes. S.1661: A bill to protect older Americans from misleading and fraudulent marketing practices, with the goal of increasing retirement security. S. 3149 to amend the Internal Revenue Code of 1986 to limit certain executive compensation paid by systemically significant financial institutions S 3217 To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end `too big to fail', to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices - regulatory reform

Client expense: $1,050,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 4173, S. 3217 - Financial regulatory reform; Money market mutual fund regulation; H.R. 1445, S. 1073 - Credit rating agencies; H.R. 139, S.141, H.R. 222, S. 773 - Data privacy; H.R. 3126 - Consumer financial protection agency; S. 569 - Anti money laundering H.R. 71, S. 1276, S. 344 - Registration of advisors to private pools of capital; H.R. 991, H.R. 1020, S. 931 - Arbitration of brokerage dispute; H.R. 1699, H.R. 977, S. 272, H.R. 2448, S. 447, H.R. 3153 Credit derivatives; Volcker rule; Systemic risk/banking and financial services industry oversight; Thrift and state trust charters; Extension of fiduciary duties for investment advisors and broker dealers; Resolution authority; Equity trading (flash, high-frequency, dark pools); Payment, clearing, settlement regulation

Client expense: $830,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

Investment Company Act; Investment Advisers Act; H.R. 711, The Hedge Fund Registration Act; S 344, Hedge Fund Transparency Act; H.R. 302, Reinstating the Uptick Rule; S 1276, Private Fund Transparency Act; H.R. 3818, Private Fund Investment Advisers Registration Act of 2009; Unrelated Business Income Tax (UBIT); S 3217, "Restoring American Financial Stability Act of 2010"; H.R. 4173, Wall Street and Consumer Protection Act of 2009; International issues

Client expense: Not reported · Firm income: $250,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

S.344 Hedge Fund Transparency Act - requires hedge funds to register with the SEC. NVCA wants language clarification. S.1276-The Private Fund Transparency Act of 2009. NVCA wants clarification language to exclude the venture capital industry. HR 711-The Hedge Fund Advisor Registration Act of 2009; NVCA opposes any inclusion of venture capital industry in this bill. Title IV - Registration of Advisors to Private Funds, oppose administration language to require vc firms to register with the SEC as investment advisors.

Client expense: $587,222 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Energy, Dept of, Environmental Protection Agency (EPA), Food & Drug Administration (FDA), HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), Patent & Trademark Office (PTO), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office

Administration White Paper on Financial Regulatory Reform, particularly with respect to regulation of private equity firms S.1276-Private Fund Transparency Act of 2009, all provisions S.344-The Hedge Fund Transparency Act of 2009, all provisions H.R.711-The Hedge Fund Advisory Registration Act, all provisions H.R.3126-Consumer Financial Protection Act, all provisions H.R.3818-Private Fund Investment Advisers Registration Act of 2009 H.R.4173-Wall Street Reform and Consumer Protection Act of 2009-Financial Stability Improvement Act of 2009

Client expense: Not reported · Firm income: $90,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Administration White Paper on Financial Regulatory Reform, particularly with respect to regulation of private equity firms S.1276-Private Fund Transparency Act of 2009, all provisions S.344-The Hedge Fund Transparency Act of 2009, all provisions H.R.711-The Hedge Fund Advisory Registration Act, all provisions H.R.3269-Corporate & Financial Institution Compensation Fairness Act, all provisions H.R.3126-Consumer Financial Protection Act, all provisions H.R.3818-Private Fund Investment Advisers Registration Act of 2009 H.R.4173-Wall Street Reform and Consumer Protection Act of 2009-Financial Stability Improvement Act of 2009 H.R.1935-To Amend the Internal Revenue Code of 1986

Client expense: Not reported · Firm income: $90,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Potential legislation on possible new financial regulatory structure; Administration White Paper on Financial Regulatory Reform, particularly with respect to regulation of private equity firms; S. 1276 Private Fund Transparency Act of 2009, all provisions; S. 344 The Hedge Fund Transparency Act of 2009, all provisions; Legislation affecting the regulation of financial services; H.R. 711 The Hedge Fund Adviser Registration Act, all provisions; H.R. 3818 Private Fund Investment Advisers Registration Act of 2009, provisions that affect the regulation of private equity firms; H.R. 4173 Wall Street Reform and Consumer Protection Act of 2009, provisions that affect the regulation of private equity firms; H.R. 3996 Financial Stability Improvement Act of 2009, provisions that affect the regulation of private equity firms; S. ___ Restoring American Financial Stability Act of 2010 (Dodd bill), provisions that affect private equity firms.

Client expense: $620,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

Administration White Paper on Financial Regulatory Reform, particularly with respect to regulation of private equity firms; S. 1276 Private Fund Transparency Act of 2009, all provisions; S. 344 The Hedge Fund Transparency Act of 2009, all provisions; H.R. 711 The Hedge Fund Adviser Registration Act, all provisions; Legislation affecting the regulation of financial services; H.R. 3818 Private Fund Investment Advisers Registration Act of 2009, provisions that affect the regulation of private equity firms; H.R. 4173 Wall Street Reform and Consumer Protection Act of 2009, provision that affect the regulation of private equity firms; H.R. 3996 Financial Stability Improvement Act of 2009, provision that affect the regulations of private equity firms; S.___ Restoring American Financial Stability Act of 2010 (Dodd bill), provisions that affect private equity firms.

Client expense: $620,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

Taxation of carried interest S. 344, Hedge Fund Transparency Act, A bill to require hedge funds to register with the Securities and Exchange Commission, and for other purposes; H.R. 4213, Tax Extenders Act of 2009; H.R. 1935, To amend the Internal Revenue Code of 1986 to provide for the treatment of partnership interests held by partners providing services. H.R. 711, Hedge Fund Adviser Registration Act of 2009, To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients. S. 1276, Private Fund Transparency Act of 2009, A bill to require investment advisers to private funds, including hedge funds, private equity funds, venture capital funds, and others to register with the Securities and Exchange Commission and for other purposes.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislative and regulatory measures and Congressional studies affecting the hedge fund industry and other alternative investments. S. 447 To amend the Commodity Exchange Act to prevent excessive price speculation with respect to energy and agricultural commodities, and for other purposes S. 344 To require hedge funds to register with the SEC S.298 To establish a Financial Markets Commission, and for other purposes S. 272 Derivatives Trading Integrity Act of 2009 To amend the Commodity Exchange Act to Require On-Exchange Derivatives Trading H.R. 977 Derivatives Markets Transparency and Accountability Act of 2008 H.R.711 To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients H.R.713 To require the President's Working Group on Financial Markets to conduct a study on the hedge fund industry S. 1276 Private Fund Transparency Act of 2009 H.R. 3269 Corporate and Financial Institution Compensation Act of 2009 H.R. 3126 Consumer Financial Protection Agency H.R. 3817 Investor Protection Act H.R. 3818 Private Fund Investment Advisers Registration Act H.R.4173 To provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes S. 961 Authorizing the Regulation of Swaps Act H.R. 3145 Credit Default Swap Prohibition Act of 2009 H.R. 3300 The Derivatives Trading Accountability and Disclosure Act of 2009 S. 1961 Comprehensive Derivatives Regulation Act of 2009 H.R. 3795 Over-the-Counter Derivatives Markets Act of 2009

Client expense: $1,180,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislative and regulatory measures and Congressional studies affecting the hedge fund industry and other alternative investments. S. 447 To amend the Commodity Exchange Act to prevent excessive price speculation with respect to energy and agricultural commodities, and for other purposes S. 344 To require hedge funds to register with the SEC S.298 To establish a Financial Markets Commission, and for other purposes S. 272 Derivatives Trading Integrity Act of 2009 To amend the Commodity Exchange Act to Require On-Exchange Derivatives Trading H.R. 977 Derivatives Markets Transparency and Accountability Act of 2008 H.R.711 To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients H.R.713 To require the President's Working Group on Financial Markets to conduct a study on the hedge fund industry S. 1276 Private Fund Transparency Act of 2009 H.R. 3269 Corporate and Financial Institution Compensation Act of 2009 H.R. 3126 Consumer Financial Protection Agency H.R. 3817 Investor Protection Act H.R. 3818 Private Fund Investment Advisers Registration Act S. 961 Authorizing the Regulation of Swaps Act H.R. 3145 Credit Default Swap Prohibition Act of 2009 H.R. 3300 The Derivatives Trading Accountability and Disclosure Act of 2009 S. 1961 Comprehensive Derivatives Regulation Act of 2009 H.R. 3795 Over-the-Counter Derivatives Markets Act of 2009

Client expense: $940,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislative and regulatory measures and Congressional studies affecting the hedge fund industry and other alternative investments. S. 447 To amend the Commodity Exchange Act to prevent excessive price speculation with respect to energy and agricultural commodities, and for other purposes S. 344 To require hedge funds to register with the SEC S.298 To establish a Financial Markets Commission, and for other purposes S. 272 Derivatives Trading Integrity Act of 2009 To amend the Commodity Exchange Act to Require On-Exchange Derivatives Trading H.R. 977 Derivatives Markets Transparency and Accountability Act of 2008 H.R.711 To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients H.R.713 To require the President's Working Group on Financial Markets to conduct a study on the hedge fund industry S. 1276 To require investment advisers to private funds, including hedge funds, private equity funds, venture capital funds, and others to register with the Securities and Exchange Commission, and for other purposes H.R 74 To establish the Financial Oversight Commission, and for other purposes H.R. 3145 To amend the securities laws to prohibit credit default swaps and to provide the Securities and Exchange Commission with authority to regulate swap agreements

Client expense: $920,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislative and regulatory measures and Congressional studies affecting the hedge fund industry and other alternative investments. S. 447 To amend the Commodity Exchange Act to prevent excessive price speculation with respect to energy and agricultural commodities, and for other purposes S. 344 To require hedge funds to register with the SEC S.298 To establish a Financial Markets Commission, and for other purposes S. 272 Derivatives Trading Integrity Act of 2009 To amend the Commodity Exchange Act to Require On-Exchange Derivatives Trading H.R. 977 Derivatives Markets Transparency and Accountability Act of 2008 H.R.711 To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients H.R.713 To require the President's Working Group on Financial Markets to conduct a study on the hedge fund industry S. 1276 Private Fund Transparency Act of 2009 H.R. 3269 Corporate and Financial Institution Compensation Act of 2009 H.R. 3126 Consumer Financial Protection Agency H.R. 3817 Investor Protection Act H.R. 3818 Private Fund Investment Advisers Registration Act S. 961 Authorizing the Regulation of Swaps Act H.R. 3145 Credit Default Swap Prohibition Act of 2009 H.R. 3300 The Derivatives Trading Accountability and Disclosure Act of 2009 S. 1961 Comprehensive Derivatives Regulation Act of 2009 H.R. 3795 Over-the-Counter Derivatives Markets Act of 2009

Client expense: $960,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Administration White Paper on financial regulatory reform, particularly with respect to regulation of private equity firms. S.344: The Hedge Fund Transparency Act of 2009 - all provisions. H.R.711: Hedge Fund Adviser Registration Act of 2009 - all provisions. S. 1276: Legislation to require registration of certain private equity firms - all provisions. Legislation affecting the regulation of financial services. H.R. 3126: Consumer Financial Protection Act - all provisions. H.R.3818: Private Fund Investment Advisers Registration Act of 2009. H.R.4173: Wall Street Reform and Consumer Protection Act of 2009. Discussion draft, "Restoring American Financial Stability Act," introduced by Senator Dodd.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Potential legislation on possible new financial regulatory structure. Administration White Paper on Financial Regulatory Reform, particularly with respect to regulation of private equity firms. S. 344: The Hedge Fund Transparency Act of 2009 all provisions. H.R. 711: The Hedge Fund Advisor Registration Act all provisions. Legislation affecting the regulation of financial services. S. 1276: Legislation to require registration of certain private equity firms - all provisions. H.R. 3269: Corporate & Financial Institution Compensation Fairness Act - all provisions. H.R. 3126: Consumer Financial Protection Act - all provisions. H.R. 3818: Private Fund Investment Advisers Registration Act of 2009. H.R.4173: Wall Street Reform and Consumer Protection Act of 2009. Discussion draft, "Restoring American Financial Stability Act," introduced by Senator Dodd.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislative and regulatory measures and Congressional studies affecting the hedge fund industry and other alternative investments. S. 447 To amend the Commodity Exchange Act to prevent excessive price speculation with respect to energy and agricultural commodities, and for other purposes S. 344 To require hedge funds to register with the SEC S.298 To establish a Financial Markets Commission, and for other purposes S. 272 Derivatives Trading Integrity Act of 2009 To amend the Commodity Exchange Act to Require On-Exchange Derivatives Trading H.R. 977 Derivatives Markets Transparency and Accountability Act of 2008 H.R.711 To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients H.R.713 To require the President's Working Group on Financial Markets to conduct a study on the hedge fund industry S. 1276 Private Fund Transparency Act of 2009 H.R. 3269 Corporate and Financial Institution Compensation Act of 2009 H.R. 3126 Consumer Financial Protection Agency H.R. 3817 Investor Protection Act H.R. 3818 Private Fund Investment Advisers Registration Act H.R.4173 To provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes S. 961 Authorizing the Regulation of Swaps Act H.R. 3145 Credit Default Swap Prohibition Act of 2009 H.R. 3300 The Derivatives Trading Accountability and Disclosure Act of 2009 S. 1961 Comprehensive Derivatives Regulation Act of 2009 H.R. 3795 Over-the-Counter Derivatives Markets Act of 2009

Client expense: $1,080,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

S.344 Hedge Fund Transparency Act - requires hedge funds to register with the SEC. NVCA wants language clarification. S.1276 The Private Fund Transparency Act of 2009, NVCA wants clarification language to exclude the venture capital industry. HR 711- The Hedge Fund Advisor Registration Act of 2009; NVCA opposes any inclusion of venture capital industry in this bill. Title IV - Registration of Advisors to Private Funds, oppose administration language to require vc firms to register with the SEC as investment advisors.

Client expense: $557,942 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Energy, Dept of, Environmental Protection Agency (EPA), Food & Drug Administration (FDA), HOUSE OF REPRESENTATIVES, Patent & Trademark Office (PTO), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office

H.R. 4173 - Financial regulatory reform; Money market mutual fund regulation; H.R. 1445, S. 1073 - Credit rating agencies; H.R. 139, S.141, H.R. 2221 - Data privacy; H.R. 3126 - Consumer financial protection agency; S. 569 - Anti money laundering H.R. 71, S. 1276, S. 344 - Registration of advisors to private pools of capital; H.R. 991, H.R. 1020, S. 931 - Arbitration of brokerage dispute; H.R. 1699, H.R. 977, S. 272, H.R. 2448, S. 447, H.R. 3153 Credit derivatives; Systemic risk/banking and financial services industry oversight; Thrift and state trust charters; Extension of fiduciary duties for investment advisors and broker dealers; Resolution authority; Equity trading (flash, high-frequency, dark pools); Payment, clearing, settlement regulation

Client expense: $880,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

Administration White Paper on Financial Regulatory Reform, particularly with respect to regulation of private equity firms S.1276-Private Fund Transparency Act of 2009, all provisions S.344-The Hedge Fund Transparency Act of 2009, all provisions H.R.711-The Hedge Fund Advisory Registration Act, all provisions H.R.3269-Corporate & Financial Institution Compensation Fairness Act, all provisions H.R.3126-Consumer Financial Protection Act, all provisions H.R.3818-Private Fund Investment Advisers Registration Act of 2009 H.R.4173-Wall Street Reform and Consumer Protection Act of 2009-Financial Stability Improvement Act of 2009 H.R.1935-To Amend the Internal Revenue Code of 1986

Client expense: Not reported · Firm income: $110,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Administration White Paper on Financial Regulatory Reform, particularly with respect to regulation of private equity firms S.1276-Private Fund Transparency Act of 2009, all provisions S.344-The Hedge Fund Transparency Act of 2009, all provisions H.R.711-The Hedge Fund Advisory Registration Act, all provisions H.R.3126-Consumer Financial Protection Act, all provisions H.R.3818-Private Fund Investment Advisers Registration Act of 2009 H.R.4173-Wall Street Reform and Consumer Protection Act of 2009-Financial Stability Improvement Act of 2009

Client expense: Not reported · Firm income: $110,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Investment Company Act; Investment Advisers Act; H.R. 711, The Hedge Fund Registration Act; S 344, Hedge Fund Transparency Act; H.R. 302, Reinstating the Uptick Rule; S 1276, Private Fund Transparency Act; H.R. 3818, Private Fund Investment Advisers Registration Act of 2009; HR 1935, HR 3497 (Unrelated Business Income Tax); "Restoring American Financial Stability Act of 2009"; H.R. 4173, Wall Street and Consumer Protection Act of 2009

Client expense: Not reported · Firm income: $250,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

Administration White Paper on Financial Regulatory Reform, particularly with respect to regulation of private equity firms. S. 1276 Private Fund Transparency Act - all provisions; S. 344 The Hedge Fund Transparency Act of 2009- all provisions; H.R. 711 The Hedge Fund Advisor Registration Act all provisions; H.R. 3126 - Consumer Financial Protection Act, all provisions; H.R.3818- Private Fund Investment Advisers Registration Act of 2009, provisions that affect the regulation of Private Equity Firms; H.R.4173- Wall Street Reform and Consumer Protection Act of 2009 - Financial Stability Improvement Act of 2009; provisions that affect the regulation of Private Equity Firms; Legislation affecting the regulation of financial services.

Client expense: $840,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

Potential legislation on possible new financial regulatory structure; Administration White Paper on Financial Regulatory Reform, particularly with respect to regulation of private equity firms; S. 1276 Private Fund Transparency Act - all provisions; S. 344 The Hedge Fund Transparency Act of 2009, all provisions; H.R. 711 The Hedge Fund Advisor Registration Act, all provisions; HR 3269 Corporate & Financial Institution Compensation Fairness Act, all provisions. H.R.3818- Private Fund Investment Advisers Registration Act of 2009; H.R.4173- Wall Street Reform and Consumer Protection Act of 2009 - Financial Stability Improvement Act of 2009; Legislation affecting the regulation of financial services.

Client expense: $840,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

Annuities: Followed SEC action on rule to bring equity-indexed annuities under the SEC's regulatory purviews. Proposed rule: 'indexed Annuities and certain other insurance contacts." Release number: 33-8933. Also followed litigation in opposition to rule. Commodities: Monitor action of the CFTC and Congress on speculation in the energy markets Short Selling: Followed SEC's action regarding reinstating the uptick rule for short selling. Hedge funds and private equity: Monitor S.344 Hedge Fund Transparency Act; S.1276 private Fund Transparency Act of 2009. Consumer Financial Protection Agency: Monitor H.R. 3126, legislation to create a new agency to oversee the financial services industry. Derivatives: Monitor new rules and changes of regulation for derivatives and commodity indexed funds, and activity within Congress, especially in the context of the H.R.4173, the Wall Street Reform and Consumer Protection Act of 2009. Senior Investor Protection Act, S.906: monitor legislation designed to protect seniors wishing to buy financial products from unqualified advisors; monitor together with trade association. Target Date Funds: Monitor possible legislation and SEC as well as Department of Labor regulatory activities. Credit default swap regulation: Monitor S.961 Authorizing the Regulation of Swaps Act Restructuring of the commodity Futures Trading Commission; Monitor Obama Administration proposals. SEC and money markets: Monitor and see proposed SEC regulations. Mutual funds: Advocate for the ability to defer annual capital gains taxation of dividends that are reinvested in mutual funds, GROWTH act, S. 1082.

Client expense: $390,603 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Risk Management Agency, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

HR 710 To secure additional Tier I capital for the U.S. banking system from parties other than the federal government by providing authority to the secretary of the treasury to guaranty certain new preferred stock investments made by public pensions acting in a collective fashion, and for other purposes HR 977 To amend the Commodity Exchange Act to bring greater transparency and accountability to commodity markets, and for other purposes. HR 1754 To create a systemic risk monitor for the financial system of the United States, to oversee financial regulatory activities of the federal government, and for other purposes H.R.2221: To protect consumers by requiring reasonable security policies and procedures to protect computerized data containing personal information, and to provide for nationwide notice in the event of a security breach. HR. 3126: Establishment of the Consumer Financial Protection Agency H.R. 3269: To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation and to prevent perverse incentives in the compensation practices of financial institutions HR. 3310: To reform the financial regulatory system of the United States, and for other purposes H.R.3817: To provide the Securities and Exchange Commission with additional authorities to protect investors from violations of the securities laws H.R.3996 To improve financial stability H.R. 4173, to provide for financial regulatory reform, to protect consumers and investors, to enhance federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, executive compensation S 272 A bill to amend the Commodity Exchange Act to ensure that all agreements, contracts, and transactions with respect to commodities are carried out on a regulated exchange, and for other purposes. S 344 A bill to require hedge funds to register with the Securities and Exchange Commission, and for other purposes S 356 A bill to amend the Bank Holding Company Act of 1956 and the Revised Statutes of the United States to prohibit financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities, and for other purposes. S 605 A bill to require the Securities and Exchange Commission to reinstate the uptick rule and effectively regulate abusive short selling activities. S. 961 to authorize the regulation of credit default swaps and other swap agreements, and for other purposes S. 1006 to require a supermajority shareholder vote to approve excessive compensation of any employee of a publicly-traded company S. 1074 to provide shareholders with enhanced authority over the nomination, election, and compensation of public company executives S. 1276 A bill to require investment advisers to private funds, including hedge funds, private equity funds, venture capital funds, and others to register with the Securities and Exchange Commission, and for other purposes. Restoring American Financial Stability Act of 2009- To identify and address risks to the stability of the United States financial system through the establishment of the Agency for Financial Stability, to ensure the orderly resolution of failing complex financial institutions S.1661: A bill to protect older Americans from misleading and fraudulent marketing practices, with the goal of increasing retirement security.

Client expense: $460,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, U.S. Trade Representative (USTR)

Taxation of carried interest S. 344, Hedge Fund Transparency Act, A bill to require hedge funds to register with the Securities and Exchange Commission, and for other purposes; H.R. 4213, Tax Extenders Act of 2009; H.R. 1935, To amend the Internal Revenue Code of 1986 to provide for the treatment of partnership interests held by partners providing services. H.R. 711, Hedge Fund Adviser Registration Act of 2009, To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients. S. 1276, Private Fund Transparency Act of 2009, A bill to require investment advisers to private funds, including hedge funds, private equity funds, venture capital funds, and others to register with the Securities and Exchange Commission and for other purposes.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislative and regulatory measures and Congressional studies affecting the hedge fund industry and other alternative investments. S. 447 To amend the Commodity Exchange Act to prevent excessive price speculation with respect to energy and agricultural commodities, and for other purposes S. 344 To require hedge funds to register with the SEC S.298 To establish a Financial Markets Commission, and for other purposes S. 272 Derivatives Trading Integrity Act of 2009 To amend the Commodity Exchange Act to Require On-Exchange Derivatives Trading H.R. 977 Derivatives Markets Transparency and Accountability Act of 2008 H.R.711 To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients H.R.713 To require the President's Working Group on Financial Markets to conduct a study on the hedge fund industry S. 1276 To require investment advisers to private funds, including hedge funds, private equity funds, venture capital funds, and others to register with the Securities and Exchange Commission, and for other purposes H.R 74 To establish the Financial Oversight Commission, and for other purposes H.R. 3145 To amend the securities laws to prohibit credit default swaps and to provide the Securities and Exchange Commission with authority to regulate swap agreements

Client expense: $950,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislative and regulatory measures and Congressional studies affecting the hedge fund industry and other alternative investments. S. 447 To amend the Commodity Exchange Act to prevent excessive price speculation with respect to energy and agricultural commodities, and for other purposes S. 344 To require hedge funds to register with the SEC S.298 To establish a Financial Markets Commission, and for other purposes S. 272 Derivatives Trading Integrity Act of 2009 To amend the Commodity Exchange Act to Require On-Exchange Derivatives Trading H.R. 977 Derivatives Markets Transparency and Accountability Act of 2008 H.R.711 To amend the Investment Advisers Act of 1940 to remove the registration exception for certain investment advisors with less than 15 clients H.R.713 To require the President's Working Group on Financial Markets to conduct a study on the hedge fund industry S. 1276 Private Fund Transparency Act of 2009 H.R. 3269 Corporate and Financial Institution Compensation Act of 2009 H.R. 3126 Consumer Financial Protection Agency H.R. 3817 Investor Protection Act H.R. 3818 Private Fund Investment Advisers Registration Act S. 961 Authorizing the Regulation of Swaps Act H.R. 3145 Credit Default Swap Prohibition Act of 2009 H.R. 3300 The Derivatives Trading Accountability and Disclosure Act of 2009 S. 1961 Comprehensive Derivatives Regulation Act of 2009 H.R. 3795 Over-the-Counter Derivatives Markets Act of 2009

Client expense: $910,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Potential legislation on possible new financial regulatory structure. Administration White Paper on Financial Regulatory Reform, particularly with respect to regulation of private equity firms. S. 344 The Hedge Fund Transparency Act of 2009 all provisions; HR 711 The Hedge Fund Advisor Registration Act all provisions. Legislation affecting the regulation of financial services. S.1276: Private Fund Transparency Act of 2009.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Administration White Paper on financial regulatory reform, particularly with respect to regulation of private equity firms. S.344: The Hedge Fund Transparency Act of 2009; H.R.711: Hedge Fund Adviser Registration Act of 2009. Legislation affecting the regulation of financial services. S.1276: Private Fund Transparency Act of 2009.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Investment Company Act; Investment Advisers Act HR 711 The Hedge Fund Adviser Registration Act; S 344 Hedge Fund Transparency Act; HR 302 Reinstating the Uptick Rule S 1276 Private Fund Transparency Act HR 3818 Private Fund Investment Advisers Registration Act of 2009; Unrelated Business Income Tax (UBIT)

Client expense: Not reported · Firm income: $250,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

Investment Company Act; Investment Advisers Act HR 711 The Hedge Fund Adviser Registration Act; S 344 Hedge Fund Transparency Act; HR 302 Reinstating the Uptick Rule S 1276 Private Fund Transparency Act HR 3818 Private Fund Investment Advisers Registration Act of 2009; Unrelated Business Income Tax (UBIT)

Client expense: Not reported · Firm income: $270,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

Regulatory reform Over-the-Counter Derivatives Markets Act of 2009 HR 710 To secure additional Tier I capital for the U.S. banking system from parties other than the federal government by providing authority to the secretary of the treasury to guaranty certain new preferred stock investments made by public pensions acting in a collective fashion, and for other purposes HR 977 To amend the Commodity Exchange Act to bring greater transparency and accountability to commodity markets, and for other purposes. HR 1754 To create a systemic risk monitor for the financial system of the United States, to oversee financial regulatory activities of the federal government, and for other purposes H.R.2221: To protect consumers by requiring reasonable security policies and procedures to protect computerized data containing personal information, and to provide for nationwide notice in the event of a security breach. HR. 3126: Establishment of the Consumer Financial Protection Agency H.R. 3269: To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation and to prevent perverse incentives in the compensation practices of financial institutions HR. 3310: To reform the financial regulatory system of the United States, and for other purposes S 272 A bill to amend the Commodity Exchange Act to ensure that all agreements, contracts, and transactions with respect to commodities are carried out on a regulated exchange, and for other purposes. S 344 A bill to require hedge funds to register with the Securities and Exchange Commission, and for other purposes S 356 A bill to amend the Bank Holding Company Act of 1956 and the Revised Statutes of the United States to prohibit financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities, and for other purposes. S 605 A bill to require the Securities and Exchange Commission to reinstate the uptick rule and effectively regulate abusive short selling activities. S. 961 to authorize the regulation of credit default swaps and other swap agreements, and for other purposes S. 1006 to require a supermajority shareholder vote to approve excessive compensation of any employee of a publicly-traded company S. 1074 to provide shareholders with enhanced authority over the nomination, election, and compensation of public company executives S. 1276 A bill to require investment advisers to private funds, including hedge funds, private equity funds, venture capital funds, and others to register with the Securities and Exchange Commission, and for other purposes.

Client expense: $490,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, U.S. Trade Representative (USTR)