This continues to be a time of rapid change for the private fund industry, as the Securities and Exchange Commission (the "SEC"), the Commodity
On December 10, 2013, the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation, the Office of Comptroller of the Currency
The federal regulators (the FDIC, the FRB, the OCC and the SEC, with the CFTC to follow separately) have published for comment a proposed Volker rule as required by the Dodd-Frank Act.
On November 26, the Federal Reserve Board published a proposed rule setting forth a timeframe for compliance with the "Volcker Rule" provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
On July 15, the Obama administration announced proposed legislation entitled the “Private Fund Investment Advisers Registration Act of 2009” that would amend the Investment Advisers Act of 1940 (the “Advisers Act”) in a number of ways, with the effect of requiring all U.S.-based investment advisers with more than $30 million in assets under management to register with the SEC.