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The Hedge Fund Transparency Act of 2009

Client Advisory

February 9, 2009
On January 29, 2009, Senators Chuck Grassley and Carl Levin introduced The Hedge Fund Transparency Act of 2009 to close a regulatory gap that has allowed hedge funds to avoid SEC oversight. The bill gives the SEC authority to require hedge funds and private equity funds that have assets of $50 million or more to register and make periodic filings. If passed, the Act would also require these funds to create anti-money laundering programs and report any suspicious transactions. Senator Grassley stated that he is hopeful that the present financial climate will spur members of the legislature to welcome this kind of legislation which will promote “the free flow of reliable information that markets need to function properly.”
 


Carter Ledyard & Milburn LLP uses Client Advisories to inform clients and other interested parties of noteworthy issues, decisions and legislation which may affect them or their businesses. A Client Advisory does not constitute legal advice or an opinion. This document was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. © 2017 Carter Ledyard & Milburn LLP.
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