Insights
Client Alert
Proposed New Legislation to Require Most Hedge Fund (and other Private Fund) Managers to Register with SEC and Become Subject to Regulation Under the Advisers Act
May 18, 2007
The Investment Management Practice Group
On May 15, 2007, Senator Chuck Grassley (R- Iowa), the ranking member of the United States Senate Committee on Finance, introduced legislation in the United States Senate which would require investment advisers of most hedge funds and other private investment funds to register with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940 (the “Advisers Act”) and would subject such advisers to regulation under the Advisers Act.