Financial reform is in full swing, and hedge funds in particular are under the microscope.  The SEC has stepped up its enforcement activity with respect to hedge funds.  See “Hedge Funds in the Crosshairs: The Law of Insider Trading in an Active Enforcement Environment,” Hedge Fund Law Report, Vol. 3, No. 7 (Feb. 17, 2010).  Furthermore, Congress is pushing to increase transparency and accountability within the industry, and mandatory registration of hedge fund advisers is likely.  See “Does the IOSCO Hedge Fund Disclosure Template Foreshadow the Content of Hedge Fund and Hedge Fund Adviser Disclosures to be Required by the SEC?,” Hedge Fund Law Report, Vol. 3, No. 15 (Apr. 16, 2010).  These issues and others will be addressed at ACI’s National Advanced Forum on Regulation and Enforcement of Hedge Funds & Investment Advisers, scheduled for June 24-25, 2010 at the Carlton in New York, NY.