• Connecticut Proposes Increased Regulation of Private Investment Funds
  • April 3, 2009 | Authors: Sumy McEleney; Shawn T. Wooden; R. Scott "Scott" Beach
  • Law Firms: Day Pitney LLP - Hartford Office; Day Pitney LLP - Greenwich Office

    The Banks Committee of the Connecticut General Assembly voted overwhelmingly on March 10, 2009, in favor of proposed Connecticut Senate Bill 953 (An Act Concerning Private Investment Funds). The Committee issued a favorable report with proposed substitute language, which has not yet been publicly released. The proposed bill has been referred to the Office of Legislative Research and the Office of Fiscal Analysis for further review and analysis before being released to the General Assembly.

    Connecticut House Bill 6477 (An Act Concerning the Licensing of Hedge Fund and Private Capital Funds) and House Bill 6480 (An Act Requiring the Disclosure of Financial Information to Prospective Investors in Hedge Funds and Private Capital Funds) were introduced by the Banks Committee at the same time as Senate Bill 953. There have not been any updates on these bills posted by the General Assembly since the public hearing before the Banks Committee on February 24, 2009.