PwC alternatives alert, July 29, 2009

On July 15, 2009, the Obama Administration delivered proposed legislation, the Private Fund Investment Advisers Registration Act of 2009, to Capitol Hill, requiring nearly all investment advisers to private investment pools (hedge funds, private equity funds, venture capital funds) to register with the SEC and subjecting them to new reporting and recordkeeping requirements. The proposed legislation requires all U.S. investment advisers to private investment funds and with more than $30 million under management to register with the SEC. As part of the proposed legislation, any registered investment adviser to a private fund is required to maintain records and to submit reports to the SEC regarding its private funds including information on the amount of assets under management, use of leverage (including off-balance sheet leverage), counterparty credit risk exposures, trading and investment positions and trading practices.

The attached Regulatory Brief provides PwC's initial analysis of the proposed legislation and provides a brief overview of the requirements that will apply to newly registered advisers.

Click here to access the new PwC Regulatory Brief.

For additional information, please contact your PwC engagement team or any of the partners in our practice.