Proposed Senate Bill Would Subject Private Funds to SEC Registration and Oversight
A bill introduced to the Senate on January 29, 2009 would generally require private funds to register with the SEC and impose other regulatory requirements including the filing of information for public disclosure such as the identity of investors and the value of fund assets. In addition, most private funds would be obligated to implement anti-money laundering procedures. Despite its title, the "Hedge Fund Transparency Act" would impose novel regulation on all types of private funds, not just hedge funds.