The Financial Crisis Inquiry Commission has turned its attention to hedge funds, as it continues to examine the causes of the financial meltdown.

In the last few days, the FCIC sent a detailed survey to the member list of the Managed Funds Association (the main lobbying arm of the hedge fund industry), according to people who have received the survey.

The survey asks for a significant amount of proprietary information from hedge funds including their leverage ratio for every month since the start of 2007, historical derivatives exposure, top ten counterparties, prime brokerage relationships and short-selling activity.

The funds that have received the survey are expected to comply with the request in short order, despite the significant work required in detailing all those activities.

An FCIC spokesman would not confirm the request, but said the commission would be remiss if it didn’t speak with hedge funds.

The FCIC has not scheduled any future hearings and it is unclear whether this request will result in hearings featuring members of the hedge fund industry. The FCIC has subpoena power, but has thus far only used that power in trying to get information from Moody’s Investors Service

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It has been holding hearings since the start of the year and is due to finish its work at the end of 2010.

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