Client Alert
| June 25, 2009
What the "New Foundation" Could Mean for Private Funds and Their Sponsors
On June 17th, the Department of the Treasury (the "Treasury") released a white paper entitled "Financial Regulatory Reform: A New Foundation: Rebuilding Financial Supervision and Regulation," generally outlining its proposals for reforming financial regulation in the United States (the "New Foundation"). The New Foundation proposes, among other things, that (i) a Financial Oversight Council (the "Council"), chaired by the Secretary of the Treasury be created, (ii) certain private fund advisers be required to register with the Securities and Exchange Commission (the "SEC") and (iii) each private fund advised by an SEC-registered adviser be required to make certain disclosures and potentially face increased regulation. This memorandum discusses the impact that the New Foundation, as proposed, would have on hedge funds and other private fund advisers, including private equity funds and venture capital funds.
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This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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