Private Fund Investment Adviser Registration Bills Progressing Through Both Houses Of Congress
Goldstein, David A., Arora, Monica K., Hartline, Sharon E.

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On July 15, 2009, as part of the financial regulatory reform package proposed by the Obama administration, the US Treasury introduced the Private Fund Investment Advisers Registration Act of 2009 (the Administration Proposal), seeking to enhance the regulation of private investment fund managers. The Administration Proposal would require investment advisers to private funds to register with, and make reports to, the SEC under the Investment Advisers Act of 1940 (the Advisers Act).

On October 27, 2009, the Financial Services Committee of the US House of Representatives marked up and voted 67–1 to approve an amended version of the Administration Proposal that was introduced by the committee's ranking member, Rep. Paul Kanjorski (D-PA). On November 10, Sen. Christopher Dodd (D-CT), chairman of the US Senate Banking Committee, introduced to that committee a massive draft bill that addresses all of the legislative reforms proposed by the Administration, and then some. Title IV of the Dodd's draft contains amendments to the Advisers Act and includes certain variations from both the bill approved by the Financial Services Committee and the Administration Proposal.

This Alert describes the major features of the two leading proposals in each house of Congress and compares the changes to the Advisers Act proposed by those two bills and by the Administration Proposal. We have also provided a table at the end of this Alert summarizing and comparing the most significant features of these proposed new laws.

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Contacts

David Goldstein
Partner, New York
1 212 819 8757


Monica K. Arora
Partner, New York
1 212 819 8668

Sharon Hartline
Partner, Hong Kong
852 2822 8733

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