Proposed Law Would Require SEC Registration and Filings, and Anti-Money Laundering Procedures for Certain Private Investment Funds (and Possibly SEC Registration for their Advisers)
5 February 2009
Mayer Brown Legal Update
On January 29, 2009, a bill was introduced in the US Senate which, if it becomes law, would require certain private investment funds with $50 million or more in assets, or assets under management, to register with the US Securities and Exchange Commission as investment companies, to make significant public disclosures and to establish anti-money laundering programs. Even issuers that fall below the $50 million threshold would be subject to some new requirements.