U.S. House passes bill to exempt private equity funds from rules

BY SARAH N. LYNCH

WASHINGTON Wed Dec 4, 2013 5:44pm EST

Dec 4 (Reuters) - The U.S. House of Representatives passed a bill on Wednesday that would largely spare private equity fund advisers from federal regulations enacted after the 2007-2009 financial crisis.

The bill would exempt many private equity fund advisers from a provision in the 2010 Dodd-Frank Wall Street Reform law which required advisers with more than $150 million in assets under management to register with the U.S. Securities and Exchange Commission.

Any firm that registers with the SEC is also subject to reporting rules and is required to open its books to agency examiners for routine compliance inspections.

Dodd-Frank also imposed more extensive confidential reporting requirements on larger private equity and hedge fund advisers in an effort to help U.S. regulators monitor possible broader systemic market risks.

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http://www.reuters.com/article/2013/12/04/house-sec-privateequity-idUSL2N0JJ26W20131204