According to a legal alert.
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We understand that the Financial Industry Regulatory Authority ("FINRA")

today emailed a request to certain broker-dealers requesting the

following information:

1.   

    Does the firm have an Investment Advisory Business within the

Registered BD?

2.   

    Does the firm have an affiliate that has an Investment Advisory

Business?

3.   

    What does the Investment Advisory business entail?

4.   

    Does the firm have an Hedge fund business within the Registered BD?

5.   

    What does the Hedge Fund business entail?

Responses to this request are due by close of business on Thursday,

January 22, 2009.   It is possible that this request may be sent to

other firms in the near future and we recommend that you monitor your

email for receipt of such a request

Clients should carefully consider their responses to this request as it

is possible that FINRA will request further information.  In addition,

we suggest that broker-dealers review their internal policies and

procedures as well as their risk management practices relating to any

hedge fund activities that take place within a broker-dealer.  We are,

of course, available to assist in this matter.

Heard anything about this?