In February 2017, US Representative Jeb Hensarling (R-Texas), chair of the House Financial Services Committee, penned a memorandum (“February Memo”) that outlines proposed changes to a new version of the Financial CHOICE Act (yet to be introduced in this congressional session), which seeks to modify certain aspects of the Dodd-Frank Act and other financial regulations. According to the February Memo, the new version of the CHOICE Act would include a number of modifications to the earlier, 2016 version of the act, including modifications related to the US Securities and Exchange Commission, as well as to registered advisers and registered and unregistered funds. Certain of these modifications are described in this Legal Update.