Private Funds Are Affected by Proposed SEC Rules

January 31, 2011Articles Westlaw News & Insights

On January 25, 2011, the Securities and Exchange Commission proposed one new rule and one amendment to another rule in its effort to further implement the provisions of the Dodd-Frank Act.

The proposed rule will implement Sections 404 and 406 of the Dodd-Frank Act. This proposed rule requires advisers to hedge funds and other private funds to report information for use by the Financial Stability Oversight Council in monitoring risk to the financial system in the United States. It creates a new reporting form (Form PF) that must be filed periodically by SEC-registered investment advisers who manage one or more private funds. Form PF information would remain confidential.

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