On May 20, 2010, the U.S. Senate passed the Restoring American Financial Stability Act of 2010 (Senate Bill), a measure that would provide for a historic overhaul of the financial services regulatory system. This follows the passage by the U.S. House of Representatives on December 11, 2009 of the Wall Street Reform and Consumer Protection Act of 2009 (House Bill), which is a similar comprehensive regulatory reform package. Each of the Senate Bill and the House Bill contain similar proposals on the regulation of private fund investment advisers. Title IV of the Senate Bill is entitled, the Private Fund Investment Advisers Registration Act of 2010 (a mark-up draft of which we discussed in our March 25, 2010 Alert, and Title V of the House Bill is similarly entitled, the Private Fund Investment Advisers Registration Act of 2009 (which we discussed in our December 2009 Alert). Both the Senate Bill and the House Bill will need to be reconciled in a joint House-Senate conference committee before Congress approves final legislation for the President to sign into law, although Congress will use the Senate Bill as a base for the legislation. House Financial Services Committee Chairman Barney Frank (D-MA) will chair the conference committee and has indicated that he expects the committee to have an organizing meeting on June 9 and to wrap up its work by the end of June so that the House and Senate can finalize a bill for the President’s signature before the July 4 recess.