Private Fund Transparency Act of 2009 - Amends the Investment Advisers Act of 1940 to: (1) repeal the exemption from its registration requirements for private investment advisers; and (2) continue to exempt from such requirements only foreign private advisers.
Authorizes the Securities and Exchange Commission (SEC) to require any registered investment adviser to maintain and submit records for federal supervision of systemic risk.
Shields the SEC from any compulsion to disclose any supervisory report or information that is required to be filed with the SEC.
Repeals the general disclaimer that no provision of the Act shall be construed to require, or to authorize the SEC to require any investment adviser engaged in rendering investment supervisory services to disclose the identity, investments, or affairs of any of its clients.
Empowers the SEC to ascribe different meanings to terms (including the term "client") used in different sections of the Act.