On July 15, 2009, the United States Treasury Department published its proposed Private Fund Investment Advisers Registration Act of 2009 (Act).  The Act reflects proposals contained in the Obama Administration’s recent White Paper on financial reform.  (For more on the White Paper, see “The Obama Administration Outlines Major Financial Rules Overhaul, Announces Greater Scrutiny for Hedge Funds and Derivatives,” Hedge Fund Law Report, Vol. 2, No. 25 (Jun. 24, 2009)).  If passed, the Act would amend the Investment Advisers Act of 1940 (Advisers Act) and require registration with the SEC of nearly all advisers to hedge funds and other large private investment funds.  The Act would not require the funds to register directly, but their advisers would have to report, albeit confidentially, on the funds they advise.  This article summarizes the Act’s most salient provisions and its implications for the hedge fund community.