Private Investment Funds Committee

The Private Investment Funds Committee addresses issues affecting private funds, including hedge funds, private equity funds and venture capital funds, and their sponsors. Areas of law and regulation considered by the Committee include the Investment Advisers Act, Commodity Exchange Act, Investment Company Act, U.S. federal income tax laws and regulations, ERISA, and international, state and local laws and regulatory authorities.

Topics addressed by the Committee in the 2010-2011 term included: changes in the registration requirements applicable to private fund sponsors under the Dodd-Frank Act and related rulemaking; CFTC proposals regarding registration exemptions for commodity pool operators and commodity trading advisors; the “Volcker Rule”; market trends for hedge funds and private equity funds; issues affecting private equity fund sponsors under the Foreign Corrupt Practices Act; the effect of derivatives regulatory reform on hedge fund sponsors; emerging market private equity funds; M&A transactions involving private fund sponsors; “pay-to-play” rules; the European Union’s proposed Directive on Alternative Investment Fund Managers; private equity investments in bank holding companies; and tax issues relating to distressed debt investing.

The Private Investment Funds Committee regularly participates in legislative and rulemaking processes through the submission of comment letters and other activities.