On June 18, 2009, Commissioner Luis A. Aguilar of the Securities and Exchange Commission spoke at the Spring 2009 Hedgeworld Fund Services Conference in New York, New York.  In his speech, Aguilar discussed the causes of the renewed calls to regulate the hedge fund industry, including lack of transparency, the imbalance of power between investors and managers and the potential for impact on the entire capital market.  On June 23, 2009, Commissioner Aguilar also spoke at the International Institute for the Regulation and Inspection of Investment Advisers in Washington, D.C., and announced the SEC’s intention to improve its regulatory regime.  We provide detailed coverage of both speeches.