Subject: File No. DF Title IV - Exemptions
From: T A Jones
Affiliation: US investor in offshore funds

September 25, 2010

There has been lots of recent discussion of registration of foreign investment advisers offering funds to US investors. Dodd-Frank was clearly designed to require these foreign firms to register as investment advisers and give US investors protections under your Investment Advisers Act. Recent discussion of some registration lite procedure does not seem consistent with this. Shouldn't US investors in hedge funds get the same disclosure and protections whether or not the manager is located here? Aren't they offering their product here? What about the safety of our investment dollars? Congress told you to regulate these firms and you should--at least if our dollars are in their funds. Give us the same protections as we get from US managers and live up to the mandate you have.