WASHINGTON (HedgeWorld.com)–The Securities and Exchange Commission disclosed the agenda for the much-anticipated two days of hearings on hedge funds, Friday afternoon.

This agenda divides the 63 witnesses Previous HedgeWorld Story into seven panels. It also leaves a large role in the proceedings for Paul F. Roye, the SEC’s director of the division of investment management, which is consistent with a widespread impression in the industry that the whole investigation has been his baby. In a recent speech Mr. Roye said “In spite of what you read in the press, there aren’t any preconceived notions or ideas in terms of recommendations to the Commission as to where we’re going to go.” Previous HedgeWorld Story

Proceedings will open at 9 a.m. May 14; with comments by SEC Chairman William Donaldson. Then the first panel (overview, role and structure) will run from 9:15 a.m. to 10:45 a.m. Mr. Roye will moderate this panel–which will also include Charles Gradante (Hennesse Hedge Fund Advisory Group, New York) and Richard Lindsey (Bear Stearns Securities Corp., New York) among others.

Elizabeth G. Osterman, assistant chief counsel to the division of investment management, moderates the second panel on marketing issues, from 11 a.m. to 12:30 p.m. That panel includes Michael Butowsky, an attorney with the law firm of Mayer Brown, New York, James R. Hedges, LJH Global Investments, Naples, Fla., and others.

Robert E. Plaze, associate director of the investment management division, moderates the third panel on hedge fund disclosure, transparency and performance, from 2:00pm to 3:30pm. That panel includes David Swensen, chief investment officer of Yale University, New Haven, Conn., and Michael G. Tannenbaum, partner in Tannenbaum, Helpern, Syracuse & Hirschtritt LLP, New York.

Douglas Scheidt, associate director and chief counsel of the investment management division, moderates the fourth panel, on valuation, allocation, use of commissions and personal trading, from 3:45 p.m. to 5:15 p.m. That panel includes Anthony Artabane (PricewaterhouseCoopers LLP, New York) and Stephen Vine (Akin Gump Strauss Hauer LLP, New York).

Mr. Roye will make some closing remarks then and will start things rolling with some preliminary remarks at 9a.m.on the second day.

Annette L. Nazareth, director of the SEC’s division of market regulation, will moderate the fifth panel, on hedge fund strategies and market participation, from 9:15 a.m. to 10:45 a.m. That panel will inclue Peter Borish (OneChicago LLC, Chicago) and Robert Steel (vice chairman, Goldman Sachs Group Inc., New York).

Cynthia M. Fornelli, deputy director of the division of investment management, will moderate the sixth panel, on enforcement and fraud concerns, from 11 a.m. to 12:30 p.m.. That panel will include Kristina L. Kneip, a securities regulator with the state of Washington, and Patrick J. McCarty, general counself for the Commodity Futures Trading Commission.

Mr. Roye will moderate the seventh and final panel, assessing the current regulatory framework, from 2 p.m. to 5 p.m. That panel will include Mark Anson, chief investment officer for California Public Employees’ Retirement System, Sacramento, Calif., and Armando Belly (Soros Fund Management LLC, New York).

Chairman Donaldson will offer some concluding remarks at 5 p.m..

Until then, one might keep in mind the final words of the great philosopher William James. “There are no conclusions. What has concluded, that we should draw conclusions?”

CFaille@HedgeWorld.com