Private Fund Update - July 22, 2013

Last week in Congress:

• the House Appropriations Committee approved its FY 2014 Financial Services bill, funding the SEC at approximately $1.4 billion – more than $300 million below the President's requested level;
• the Senate Banking Committee approved Mary Jo White (2nd term), Kara Stein and Michael Piwowar as Commissioners of the SEC; and
• the Senate Agriculture Committee held a hearing on CFTC reauthorization, potentially a key legislative vehicle for reforming regulations of swaps.

Also last week:

• the GAO issued a report recommending changes to the definition of an "accredited investor;"
• the SEC released a schedule of regional compliance seminars for investment advisers and investment company senior officers; and