November 1 Update: 
PE Registration & Oversight going to House Vote.

October 27 
Manager's Amendment

October 1 original draft
Proposed Regulation:
Private Fund Investment 
Advisers Registration Act
of 2009


October 2009
SEC Chair 
Mary Schapiro's recent 
remarks on the Future of 
Financial Regulation

June 2009 Treasury Report
Financial Regulatory 
Reform - 
A New Foundation: 
Rebuilding Financial 
Supervision & Regulation


November 1st Update
Mangers Amendment of Chairmen Barney Frank & Paul Kanjorski Approved / H.R. 3818 sent to House
 
Senate Chair Frank


House Chair Kanjorski

The House Financial Services Committee passed H.R. 3818, the Private Fund Investment Advisers Registration Act on October 27. A 67 - 1 vote demonstrated bipartisan support for H.R. 3818 for registration of private funds and SEC oversight of those funds. We have been talking about this in October meetings, at the Capital Connection and online (this website and twitter) for the last month. It looks like the cleaned up Act will be voted on by the House this week. There was a voice vote acceptance of an exemption of managers where each fund is under $150M in assets under management. Two issues with this include no definition of assets under management (measure, how frequent, committed or invested, etc) and exempted advisers will still need to maintain some records and annual or other reports as the SEC sees fit. Otherwise the manager's amendment to this bill left the initial draft substantially intact with adjustments for extended rulemaking and transition, clarification of duty to the funds versus individuals, exemption of the SBICs (already registered with SBA), and inflation adjustments for income and asset tests. Other amendments such as extending the exemption to funds under $500M were not approved nor included in the marked up bill. We will update this site as new developments occur in Congress.