Private Fund Investment Advisers Registration Act
On July 15, 2009, the Treasury Department released the proposed Private Fund Investment Advisers Registration Act of 2009 (the “Act”), which would implement portions of the financial reform proposals contained in the Administration’s recent White Paper. The Act would amend the Investment Advisers Act of 1940 (the “Advisers Act”) to require nearly all advisers to hedge funds and other private pools of capital to register with the SEC. The Act would not require funds themselves to register, but it would require advisers to private funds to report to the SEC, on a confidential basis, information about the funds they advise to permit an assessment of systemic risk posed by the funds. This newsflash summarizes the main provisions of the Act.
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