Law360 (December 15, 2010, 12:34 PM EST) -- Under the U.S. Securities and Exchange Commission's newly proposed rules and amendments to rules related to the repeal of the "private adviser exemption," investment advisers to hedge funds or other pooled investment vehicles would be required, for the first time, to provide significantly more information to the SEC concerning the funds they advise, their clients and business practices. The purpose of the proposed rules is to strengthen the SEC's oversight of private fund investment advisers and provide information to regulators and the public to assess the risk profile of private funds and their investment advisers in the wake of more than 50 enforcement cases initiated by the SEC since January 2009 asserting that unregistered hedge funds defrauded their investors....