On December 11, the U.S. House of Representatives voted 235-177 to approve sweeping financial regulatory reform, including the Private Fund Investment Advisers Registration Act (the Bill). The Bill was passed together with all of the amendments to the discussion draft reported out of the Financial Services Committee on October 27 (and covered in the October 30 edition of Corporate and Financial Weekly Digest). The legislation now moves to the Senate for consideration. Debate in the Senate may take place on a companion bill proposed in the Senate, rather than on this Bill.

To read the text of the Bill click here. Click here for more information on the companion Senate legislation in the November 13 edition of Corporate and Financial Weekly Digest.