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Obama Administration proposes registration of all private fund advisers

• Paul, Weiss, Rifkind, Wharton & Garrison LLP
• -
• USA
• -
• July 22 2009

On July 15, 2009, the U.S. Department of the Treasury, on behalf of President Obama’s Administration, released the “Private Fund Investment Advisers Registration Act of 2009” (the “Private Fund Act”), which would require investment advisers to “private funds” (including hedge funds and private equity funds) with more than $30 million of assets under management to register with the U.S. Securities and Exchange Commission (the “SEC”) under the U.S. Investment Advisers Act of 1940 (the “Advisers Act”