Monday, June 1, 2009

Update: CT Senate adopts Hedge Fund Bill

On May 26, 2009, the Connecticut State Senate adopted Bill 953 (An Act Concerning Hedge Funds) by a 24-to-12 vote. The bill requires advisers to Connecticut based hedge funds and private equity funds, whether or not registered with the SEC, to abide by the rules applicable to registered funds. In particular, the requirements apply to the disclosure of potential conflicts of interest between investors and investment advisers that could impair the latter's "duties and responsibilities". The Bill is now subject to consideration by the Connecticut House of Representatives.