This article was originally published 17 July, 2009

On July 15, 2009, the Obama administration released the "Private Fund Investment Advisers Registration Act of 2009" (the "Bill"), which would require that advisers to private funds register with the Securities and Exchange Commission (the "SEC") and be subject to new and significant disclosure and recordkeeping requirements. The Bill would amend the Investment Advisers Act of 1940 (the "Advisers Act") to implement certain aspects of the financial regulatory reform plan that the administration released on June 17, 2009.

This update summarizes key provisions of the Bill, which include:

  • new definitions of advisers required to register under the Advisers Act;
  • wide-ranging disclosure requirements to the SEC, the Board of Governors of the Federal Reserve System, investors and other parties;
  • robust risk monitoring, recordkeeping and examination provisions; and
  • expansion of the SEC's rulemaking authority.

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This article has been prepared by Sidley Austin LLP for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Readers should not act upon this without seeking professional counsel.