114-HR5424 Investment Advisers Modernization Act - Revision history

Suchen-teh at 15:22, 14 April 2017

2017-04-14T15:22:09Z

Suchen-teh at 20:21, 12 April 2017

2017-04-12T20:21:12Z

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Suchen-teh at 19:48, 12 April 2017

2017-04-12T19:48:12Z

Suchen-teh at 19:47, 12 April 2017

2017-04-12T19:47:51Z

Suchen-teh at 19:47, 12 April 2017

2017-04-12T19:47:38Z

Suchen-teh at 16:14, 7 April 2017

2017-04-07T16:14:35Z

Suchen-teh at 16:13, 7 April 2017

2017-04-07T16:13:16Z

Suchen-teh at 15:49, 7 April 2017

2017-04-07T15:49:25Z

Suchen-teh at 20:25, 5 April 2017

2017-04-05T20:25:45Z

Suchen-teh at 20:24, 5 April 2017

2017-04-05T20:24:51Z

← Older revision		Revision as of 15:22, 14 April 2017
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	[https://www.congress.gov/bill/114th-congress/house-bill/5424 Link to bill page]		[https://www.congress.gov/bill/114th-congress/house-bill/5424 Link to bill page]

−	[[Category: McCarthy~~'s Innovation Initiative~~]]	+	[[Category: McCarthy]]

@@ Line 39: / Line 39: @@
 Any regulation referred to in this bill includes any successor regulation.
-=Bill Text=
+==Bill Text==
 Congressional Bills 114th Congress
 From the U.S. Government Publishing Office

@@ Line 39: / Line 39: @@
 Any regulation referred to in this bill includes any successor regulation.
-==Bill Text==
+=Bill Text=
 Congressional Bills 114th Congress
 From the U.S. Government Publishing Office

@@ Line 9: / Line 9: @@
 This bill directs the Securities and Exchange Commission (SEC) to amend specified regulations for investment advisers as they apply to private equity firms and private investment funds.
-===Sec. 2===
+====Sec. 2====
 The bill revises the disclaimer that, in the case of an investment adviser that is a partnership, an assignment shall not be deemed to result from the death, withdrawal, sale or transfer of minority interests to apply the disclaimer also to minority members, shareholders, for other equity owners of the investment adviser. Qualified clients of an investment adviser may consent to an assignment of the investment adviser contract at the time they enter into an advisory contract.
@@ Line 20: / Line 20: @@
 *accredited investors (determined as if the investment adviser were the securities issuer and the time of the publication, circulation, or distribution of the advertisement were the sale of such securities).
-===Sec. 3===
+====Sec. 3====
 The SEC must amend a certain regulation regarding Form PF which registered investment advisers with at least $150 million in private funds assets under management must file with the SEC to report information about the private funds that they manage. This amendment shall state that an investment adviser to a private fund is not required to report any information beyond that which is required by sections 1a and 1b of Form PF unless it is a large hedge fund adviser or a large liquidity fund adviser.
@@ Line 27: / Line 27: @@
 The SEC shall amend the proxy voting regulation to waive its application to any voting authority exercised by an investment adviser regarding client securities that are not public securities.
-===Sec. 4===
+====Sec. 4====
 On the other hand, the SEC may not:
@@ Line 33: / Line 33: @@
 adopt substantially similar rules applicable to such offerings.
-===Sec. 5===
+====Sec. 5====
 This bill shall not apply to advisory services supplied to an investment company registered under the Investment Company Act of 1940.
-===Sec. 6===
+====Sec. 6====
 Any regulation referred to in this bill includes any successor regulation.

@@ Line 9: / Line 9: @@
 This bill directs the Securities and Exchange Commission (SEC) to amend specified regulations for investment advisers as they apply to private equity firms and private investment funds.
-Sec. 2
+===Sec. 2===
 The bill revises the disclaimer that, in the case of an investment adviser that is a partnership, an assignment shall not be deemed to result from the death, withdrawal, sale or transfer of minority interests to apply the disclaimer also to minority members, shareholders, for other equity owners of the investment adviser. Qualified clients of an investment adviser may consent to an assignment of the investment adviser contract at the time they enter into an advisory contract.
@@ Line 20: / Line 20: @@
 *accredited investors (determined as if the investment adviser were the securities issuer and the time of the publication, circulation, or distribution of the advertisement were the sale of such securities).
-Sec. 3
+===Sec. 3===
 The SEC must amend a certain regulation regarding Form PF which registered investment advisers with at least $150 million in private funds assets under management must file with the SEC to report information about the private funds that they manage. This amendment shall state that an investment adviser to a private fund is not required to report any information beyond that which is required by sections 1a and 1b of Form PF unless it is a large hedge fund adviser or a large liquidity fund adviser.
@@ Line 27: / Line 27: @@
 The SEC shall amend the proxy voting regulation to waive its application to any voting authority exercised by an investment adviser regarding client securities that are not public securities.
-Sec. 4
+===Sec. 4===
 On the other hand, the SEC may not:
@@ Line 33: / Line 33: @@
 adopt substantially similar rules applicable to such offerings.
-Sec. 5
+===Sec. 5===
 This bill shall not apply to advisory services supplied to an investment company registered under the Investment Company Act of 1940.
-Sec. 6
+===Sec. 6===
 Any regulation referred to in this bill includes any successor regulation.

@@ Line 9: / Line 9: @@
 This bill directs the Securities and Exchange Commission (SEC) to amend specified regulations for investment advisers as they apply to private equity firms and private investment funds.
-(Sec. 2) The bill revises the disclaimer that, in the case of an investment adviser that is a partnership, an assignment shall not be deemed to result from the death, withdrawal, sale or transfer of minority interests to apply the disclaimer also to minority members, shareholders, for other equity owners of the investment adviser. Qualified clients of an investment adviser may consent to an assignment of the investment adviser contract at the time they enter into an advisory contract.
+Sec. 2
 The Investment Advisers Act of 1940 is amended to repeal the requirement that advisers organized as partnerships notify the other party to an investment adviser contract every time there is a change in the composition of the partnership.
@@ Line 19: / Line 20: @@
 *accredited investors (determined as if the investment adviser were the securities issuer and the time of the publication, circulation, or distribution of the advertisement were the sale of such securities).
-(Sec. 3)The SEC must amend a certain regulation regarding Form PF which registered investment advisers with at least $150 million in private funds assets under management must file with the SEC to report information about the private funds that they manage. This amendment shall state that an investment adviser to a private fund is not required to report any information beyond that which is required by sections 1a and 1b of Form PF unless it is a large hedge fund adviser or a large liquidity fund adviser.
+Sec. 3
 The SEC shall also amend the regulation requiring that client funds and securities of which an investment adviser has custody are verified by actual examination periodically by an independent public accountant.
@@ Line 25: / Line 27: @@
 The SEC shall amend the proxy voting regulation to waive its application to any voting authority exercised by an investment adviser regarding client securities that are not public securities.
-(Sec. 4) On the other hand, the SEC may not:
+Sec. 4
 amend a specified regulation to extend its requirements and prohibitions concerning investment company sales literature to offerings of securities issued by private funds, or
 adopt substantially similar rules applicable to such offerings.
-(Sec. 5)This bill shall not apply to advisory services supplied to an investment company registered under the Investment Company Act of 1940.
+Sec. 5
-(Sec. 6)
+Sec. 6
 Any regulation referred to in this bill includes any successor regulation.

@@ Line 3: / Line 3: @@
 |Proposed in=114
 |Sponsored by=Rep. Hurt, Robert (R-VA-5)
-|Reviewing committee=House Financial Services
+|Reviewing committee=House - Financial Services
 |Has bill status=Died
 |Has keywords=McCarthy