Publications

May 25, 2010

Reconciling the Senate and House Versions of the Private Fund Investment Advisers Registration Act

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On May 20, 2010, the United States Senate passed the Restoring American Financial Stability Act of 2010 (the “Senate Bill”). The United States House of Representatives passed its own version of financial regulatory reform on December 11, 2009, entitled the Wall Street Reform and Consumer Protection Act of 2009 (the “House Bill”). Both the Senate Bill and the House Bill contain a comprehensive set of financial regulatory reforms, including the Private Fund Investment Advisers Registration Act requiring mandatory registration with the SEC for most private fund investment advisers. The Senate and the House must now reconcile their two bills. The reconciliation process is expected to be completed in the coming weeks, at which point the final bill may be signed into law.