Skip to main content
S 1276 111th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Business records Financial services and investments Securities and Exchange Commission (SEC)

Private Fund Transparency Act of 2009

Introduced: June 16, 2009 Introduced by: Reed, Jack Democratic · Rhode Island See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 16, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6654)
Jun 16, 2009
Sponsor introductory remarks on measure. (CR S6653-6654)
Jun 16, 2009
Introduced in Senate
 Plain-English summary Congressional Research Service

Private Fund Transparency Act of 2009 - Amends the Investment Advisers Act of 1940 to: (1) repeal the exemption from its registration requirements for private investment advisers; and (2) continue to exempt from such requirements only foreign private advisers.

Authorizes the Securities and Exchange Commission (SEC) to require any registered investment adviser to maintain and submit records for federal supervision of systemic risk.

Shields the SEC from any compulsion to disclose any supervisory report or information that is required to be filed with the SEC.

Repeals the general disclaimer that no provision of the Act shall be construed to require, or to authorize the SEC to require any investment adviser engaged in rendering investment supervisory services to disclose the identity, investments, or affairs of any of its clients.

Empowers the SEC to ascribe different meanings to terms (including the term "client") used in different sections of the Act.

What's happening now June 16, 2009

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6654)

 Committees of jurisdiction 1