Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises Hearing: Perspectives on Hedge Fund Registration
The Alternative Investment Management Association provided its statement in connection with the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises’ hearing “Perspectives on Hedge Fund Registration” held on May 7, 2009.
AIMA is the trade body for the hedge fund industry globally and submits this evidence on behalf of its global membership of hedge fund managers, fund of hedge funds managers, advisors and service providers. AIMA’s membership comprises 1,100 corporate bodies in 43 countries and its members manage approximately 75% of global hedge fund assets and over 70% of fund of hedge funds assets. AIMA has been active since its foundation in 1990 in working to enhance the regulatory framework in which its members operate and in seeking to promote sound practices within the industry although it is not a self-regulatory body, and appreciates the opportunity to express its views on the important topic of hedge fund registration.
This Bill would amend the Investment Advisors Act of 1940 to repeal the exception to the registration requirement for any investment advisor who: (1) during the preceding twelve months has had fewer than 15 clients; and (2) neither holds himself or herself out generally to the public as an investment advisor, nor acts as an investment advisor to any registered investment company or any business development company. Therefore, AIMA understands that, in effect, this would lead to a compulsory registration regime for all US investment advisors (and non-US investment advisors, if they have US clients) under the Advisors Act.
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