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House Financial Services Committee Approves Bill Exempting Certain PE Fund Advisers from SEC Registration
June 20, 2013 download PDF
On June 19th, the House Committee on Financial Services approved with bipartisan support the Small Business Capital Access and Job Preservation Act (H.R. 1105), which exempts advisers to certain private equity funds from the new registration requirements imposed by the Dodd-Frank Act. Specifically, H.R. 1105 exempts from SEC registration an adviser to a private equity fund or funds, provided that each such fund has not borrowed and does not have outstanding a principal amount in excess of twice its invested capital commitments. The bill will now proceed to the full House for consideration.
For a copy of H.R. 1105, see http://financialservices.house.gov/UploadedFiles/BILLS-113hr1105ih.pdf
For a summary of the Committee's press release, see http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=339728
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This memorandum is not intended to provide legal advice, and no legal or business decision should be based on its content. Questions concerning issues addressed in this memorandum should be directed to:
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Yvonne Y. F. Chan |
Udi Grofman |
Robert M. Hirsh |
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Michael S. Hong |
Marco V. Masotti |
Philip A. Heimowitz |
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Karen J. Hughes |
Amran Hussein |
Stephanie R. McCavitt |
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Jennifer A. Spiegel |
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