S 344 · 111th Congress 2009–2011, ended

Hedge Fund Transparency Act

Fact sheet

Latest action · Jan 29, 2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedJan 29, 2009
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Hedge Fund Transparency Act - Amends the Investment Company Act of 1940, Securities Act of 1933, the Securities Exchange Act of 1934, and the Internal Revenue Code to convert exceptions to the definition of an investment company into exemptions from mandatory registration as one.

Exempts an investment company with assets, or assets under management, of at least $50 million from ordinary registration and filing requirements only if that company: (1) registers with the Securities and Exchange Commission (SEC); (2) files with the SEC a specified annual electronic information form, made available to the public, concerning ownership structure, investors, primary accountant and broker, and current assets value; (3) maintains such books and records as the SEC may require; and (4) cooperates with any request for information or examination by the SEC.

Requires any investment company meeting such exemption requirements to establish an anti-money laundering program, according to rules prescribed by the Secretary of the Treasury, and report suspicious transactions.

Requires such rules to require exempted investment companies to use risk-based due diligence policies, procedures, and controls reasonably designed to ascertain the identity of, and evaluate, any foreign person that supplies funds, or plans to supply funds, to be invested with the investment company's advice or assistance.

Requires such rules also to require exempted investment companies to comply with the same requirements as other financial institutions for producing records requested by a federal regulator, particularly within 120 hours of receiving such a request.

Cosponsors 1

Members who signed on, in the order they did. All signed on Jan 29, 2009.

SeatCosponsorSigned on
D-MICarl LevinOriginalJan 29, 2009

Actions 3

Everything that happened, newest first.

  1. Jan 29, 2009Introduced in Senate
  2. Jan 29, 2009Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  3. Jan 29, 2009Sponsor introductory remarks on measure. (CR S1058-1059)

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Jan 29, 2009Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.