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As leaders of the private fund community, you are in a unique position to guide your
industry through this critical time, and we at the SEC are committed to working alongside
you to ensure that this transition is smooth, keeping in mind that your and our ultimate
focus must be the interests of investors. I'll focus for a few minutes this morning
on these changes within your industry and the responsibilities that I see flowing from
them. There are new and significant responsibilities that you have, but there are also important
responsibilities that we as regulators shoulder in this new era as well. I believe it is critical
that we work together and each do our part to ensure that this new transparency and openness
have a positive impact on capital formation and investor confidence.