Three pieces of draft legislation aimed at tackling key parts of reforming the regulatory structure of the United States financial services industry were released on October 1, 2009. The proposed legislation tightens regulation on "private fund" advisers requiring registration and imposing new record keeping requirements.

One of the draft bills is the “Private Fund Investment Advisers Registration Act of 2009” (the “Private Fund Advisers Act”). The Private Fund Advisers Act would require registration of almost all advisers to “private funds” and the imposition of new recordkeeping and disclosure requirements for those private fund advisers.