• U.S. House of Representatives Passes its Version of Legislation Requiring Most Private Fund Advisers to Register as Investment Advisers
  • January 19, 2010
  • Law Firm: Winston & Strawn LLP - Chicago Office
  • As we have reported in recent briefings, on December 11, 2009 the United States House of Representatives (the “House”) passed its version of comprehensive financial regulatory reform, The Wall Street Reform and Consumer Protection Act of 2009 (the “Wall Street Reform Act”). This briefing summarizes the component of the Wall Street Reform Act that would require most investment advisers to hedge funds, private equity funds and other private funds (“private fund advisers”) to register as investment advisers under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), entitled the Private Fund Investment Advisers Registration Act of 2009 (the “Registration Act”). The Registration Act is the latest in a series of legislative efforts to subject private fund advisers and/or private funds to federal regulation. What is significant, however, is that unlike these previous efforts, the Registration Act has actually passed one chamber of the Congress.