Private Advisor Registration Bill Passes House Committee
Yesterday, The House Financial Services Committee passed H.R. 3818, the Private Fund Investment Advisers Registration Act.
H.R. 3818 passed by a vote of 67-1 and was introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
H.R. 3818 would amend the Investment Advisers Act of 1940 and place new registration and reporting requirements on hedge funds, private equity firms, single-family offices, and other private pools of capital. The bill, however, does exempt funds of less than $150 million (previously $30 million).
Although this new piece of legislation garnered early bipartisan support, it is is still pending a House floor vote.
The Committee is expected to vote on additional pieces of legislation such as H.R. 3817, the Investor Protection Act and H.R. 3890, the Accountability and Transparency in Rating Agencies Act later today.