On April 5, 2012, the U.S. Securities and Exchange Commission (SEC) granted newly registered investment advisers, including hedge fund managers, limited relief from the requirement in Sections 205(a)(2) and 205(a)(3) of the Investment Advisers Act of 1940 to include certain contractual provisions in their existing advisory contracts with clients.  This article describes the relief granted, the conditions under which such relief is made available and recommendations for hedge fund managers seeking to claim such relief.