SEC's Hedge Fund Advisor Registration:

SEC Commissioner Cynthia Glassman gave a speech in London on February 23 in which she noted that the SEC's new rules on hedge fund adviser registration are causing international hedge funds to exclude US investors in order to avoid the registration requirements. She had voted against adoption of the new rules.

Compounding the problem is that "there is no clear definition of what a hedge fund is," making it hard for advisors to know when registration is required.