The Impact on Private Equity and Hedge Funds of the Financial Regulatory Reform Bills: A Legislative Update
The U.S. Senate passed financial reform legislation on May 20, 2010, following the House of Representatives, which passed its own version of such legislation on December 11, 2009. A conference committee is being formed to reconcile the two bills, each of which proposes substantial changes to the financial regulatory system. This memorandum reviews the principal provisions of the Senate and House bills that would affect private funds and advisers to private funds.