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ARTICLE · 28 OCTOBER 2009

Private Investment Funds Update – October 2009

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Proposals to require the registration of investment advisers to private funds continue to work their way through Congress.

United StatesFinance and Banking
Proskauer'S Private Investment Funds Practice Group
Proskauer'S Private Investment Funds Practice Group
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Private Fund Investment Advisers Registration Act Of 2009

Proposals to require the registration of investment advisers to private funds continue to work their way through Congress. On October 1, 2009, Congressman Paul E. Kanjorski introduced in the House of Representatives the Private Fund Investment Advisers Registration Act of 2009 (the "PFIARA"), which is aimed at regulating hedge funds and private equity funds. Congressman Barney Frank, Chairman of the House Financial Services Committee, intends to hold a meeting this week to mark-up this bill.

The proposed legislation would generally require all advisers to private funds to be registered with the SEC as an investment adviser.

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