Three bills concerning investment funds have recently been introduced in the Connecticut General Assembly that would limit eligible investors, require annual licensing, and prescribe certain disclosures of portfolio information to Connecticut-domiciled pension funds. The bills are titled “An Act Concerning Hedge Funds”, “An Act Concerning the Licensing of Hedge Funds and Private Capital Funds” and “An Act Requiring the Disclosure of Financial Information to Prospective Investors in Hedge Funds and Private Capital Funds”, respectively. The introduction of the bills evidences the continued suspicion and activism against private investments funds, and activism by state legislators and regulators.
Federal Legislation. See also the January 30, 2009, edition of Corporate and Financial Weekly Digest, covering the federal Hedge Fund Transparency Act referred to the U.S. Senate Committee on Banking, Housing and Urban Affairs on January 29.