On July 15, 2009, the Obama Administration proposed the "Private Fund Investment Advisers Registration Act of 2009," which, if enacted, would eliminate the exemption from investment adviser registration that is relied on by the majority of managers of hedge funds, futures funds, venture capital funds and private equity funds. The proposed legislation also would impose new and broad reporting and recordkeeping obligations on those managers that have to register and grant far reaching rulemaking authority to the SEC over those managers.

To read the full alert click on the above pdf.
Source: Hedge Fund Alert
Leave Drinker Biddle to Learn More