White House Proposes Bill to Increase Compliance Duties for Hedge, Private Equity Funds

By Brian Monroe

The Obama administration Wednesday released proposed legislation detailing new financial compliance and recordkeeping requirements for hedge, private equity and venture capital funds. The bill, called the "Private Fund Investment Advisers Registration Act of 2009," would require the funds to register with the Securities Exchange Commission if they manage more than $30 million in assets. The administration first announced its plans to seek oversight of the industry in a June 17 proposal that broadly addressed financial regulation. Under the proposed bill released Wednesday, registered funds would be required to divulge details about their assets and balance sheets, be more transparent to...