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Congress Disapproves SEC Private Fund Adviser Rule

The U.S. Congress has rejected new Securities and Exchange Commission (SEC) rules concerning private fund advisers. This means that previous requirements for registered investment advisers to document compliance reviews will not take effect. For citizens investing in private funds, this implies the absence of additional safeguards and transparency that these rules aimed to introduce.
Key points
Congress disapproved the SEC rule on private fund advisers.
Requirements for investment advisers to document compliance reviews will not be enforced.
Lack of additional regulation may impact transparency and investor protection in private funds.
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Expired
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Additional Information
Print number: 118_HJRES_119
Sponsor: Rep. Mooney, Alexander X. [R-WV-2]
Process start date: 2024-03-21
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HJRES_119.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-03-21.

What are the main provisions?

Key points include:

  • Congress disapproved the SEC rule on private fund advisers.
  • Requirements for investment advisers to document compliance reviews will not be enforced.
  • Lack of additional regulation may impact transparency and investor protection in private funds.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Mooney, Alexander X. [R-WV-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy