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Email The inevitable heightened regulation of the hedge fund industry has come to fruition, with the passing of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Act”) by the Senate on July 15, 2010. While the Act could be worse – it does not appear to be the operational and expense burden to hedge funds that Sarbanes-Oxley is for corporate America – its ultimate effects remain to be seen, as much of the detailed formulation and implementation of the Act’s largely ambiguous provisions are left to future rulemaking by a wide range of increasingly powerful governmental regulators having tremendous discretionary authority, such as the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Board of Governors of the Federal Reserve System, and the to-be-established Financial Stability Oversight Council. https://www.cadwalader.com/resources/clients-friends-memos/hedge-fund-regulation-under-the-dodd-frank-wall-street-reform-and-consumer-protection-act