Speech by SEC Chairman:
Concluding Remarks: Registration of Hedge Fund Advisers

by

William H. Donaldson

Chairman
U.S. Securities and Exchange Commission

Washington, D.C.
October 26, 2004

Having given full consideration to the discussion today, and the arguments, both pro and con, and the alternatives that have been put forth by the commenters, I fully support the staff's recommendation.

I want to note that a number of important issues were discussed this morning, particularly in response to my questions and those of the other Commissioners. I'd like to ask the Commission to authorize the staff to make appropriate revisions to the final release to reflect the key points that we've covered, subject of course to the approval of each of the Commissioners favoring the rule.

However, before I officially call the question on this matter, I would like to say a few final words.

I appreciate and welcome the insights and observations that have been offered by all of my colleagues here this morning and throughout this process. As I have said before, if all of the decisions we are asked to make were easy and self-evident, there would be no need to have five people sitting on this panel. And while we may not always agree, these disagreements are driven by the bedrock respect we share for the institution we serve. They provide valuable evidence that the process works and works well. To each of my colleagues, I extend my thanks and congratulations. These are difficult decisions - and the rigorous debates that we have had have been crucial to the development of this initiative.

With that I will call the question - do the Commissioners vote to approve the staff's recommendation?

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