Thursday, February 26, 2009

Obama to tax carried interest as ordinary income

Obama's proposed budget for 2010 will raise taxes on fund managers by treating allocations of carried interest as ordinary income rather than capital gains.

Bloomberg.com

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Hedge Fund Oversight Legislation Introduced in Connecticut

State lawmakers in Connecticut have recently introduced three bills (Raised Bills No. 953, 6477 and 6780) which aim to increase oversight of hedge funds and private capital funds established or conducting business in Connecticut. Further, the bills aim to increase disclosure to investors in these funds while also increasing the minimum capital requirements for investment in these funds. Please see the attached links for the full text of each of the three bills.

An act concerning the licensing of hedge funds and private capital funds.
An act requiring the disclosure of financial information to prospective investors in hedge funds and private capital funds.
An act concerning hedge funds.

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“Hedge Fund Transparency Act” Introduced In U.S. Senate

Curtis publishes Alert concerning the proposed Hedge Fund Transparency Act (the "Act") introduced in the Senate on January 29, 2009. The Act proposes substantial reporting and disclosure requirements on private funds, including the disclosure of each investor in such funds.

Read Alert (PDF)

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