Senate Hedge Fund Bill

Senate Introduces Bill Requiring Hedge Funds to Register

Senate Banking Committee Chairman Christopher Dodd has unveiled a bill regulating the financial industry that would force advisers or hedge funds and other private fund managers to register with the Securities and Exchange Commission.   This follows a similar House bill revealed which recently passed the House Financial Services Committee (see this article). 

The bill would impose new record-keeping and disclosure requirements for private advisers to help regulators patrol for potential risks that private funds may pose to the marketplace.

Investment advisers of hedge funds with $100 million or more in assets would be subject to federal regulation under the bill. That threshold would increase the number of advisers subject to state supervision by 28%, according to a bill summary.

The House Financial Services Committee approved similar provisions last month.
The hedge-fund-registration requirement in Mr. Dodd's bill includes some exemptions for advisers of venture-capital funds and those that advise private-equity funds. The commission is called upon to define who specifically is exempted within six months after enactment.  Source

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Link to This Resource: Senate Hedge Fund Bill

http://richard-wilson.blogspot.com/2009/11/senate-hedge-fund-bill.html