Friday, March 13, 2009

Update: Connecticut Banks Committee Passes Bill Concerning Hedge Funds

The Banks Committee of the Connecticut General Assembly voted on March 10, 2009 to pass "An Act Concerning Hedge Funds" that would, among other changes, increase the minimum financial qualifications for investors in private funds to at least $2.5 million for individual investors and at least $5 million for institutional investors in "investment assets" which include any security, real estate held for investment purposes, bank deposits, cash and cash equivalents, commodity interests held for investment purposes and such other forms of investment assets as may be established by the Banking Commissioner. If passed by the Connecticut General Assembly, the bill may become effective as early as October 1, 2009.