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On May 20, 2010 the Senate passed the Restoring American Financial Stability Act of 2010 (the “Senate bill”) , a bulk amendment of the financial reform bills contained in H.R. 4173, which was passed by the House of Representatives on December 11, 2009 (the “House bill”) . These bills significantly affect the regulatory regime governing hedge fund managers, asset managers and other investment advisers. In particular, the bills require SEC registration for most investment advisers, impose new government filing requirements on investment advisers and certain funds, require certain funds to perform periodic stress tests, prohibit certain financial institutions from sponsoring funds, and raise the net worth threshold for the “accredited investor” standard.