The Impact of the Restoring American Financial Stability Act of 2010 on Private Fund Advisers

May 26, 2010
The U.S. Senate recently approved the Restoring American Financial Stability Act of 2010, a comprehensive regulatory reform bill that would make significant changes to the regulatory framework and level of supervision of the financial services industry. The Act includes the establishment of parameters for federal and state registration of investment advisers as well as additional provisions for advisers to venture capital and private equity funds, investor accreditation, and requirements for further studies and reports relating to the private fund industry. This update examines the Act and its likely impact on investment advisers to private funds.