PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6654)
Congressional Research Service
Version 00 · Introduced in Senate · Jun 16, 2009
Private Fund Transparency Act of 2009 - Amends the Investment Advisers Act of 1940 to: (1) repeal the exemption from its registration requirements for private investment advisers; and (2) continue to exempt from such requirements only foreign private advisers.
Authorizes the Securities and Exchange Commission (SEC) to require any registered investment adviser to maintain and submit records for federal supervision of systemic risk.
Shields the SEC from any compulsion to disclose any supervisory report or information that is required to be filed with the SEC.
Repeals the general disclaimer that no provision of the Act shall be construed to require, or to authorize the SEC to require any investment adviser engaged in rendering investment supervisory services to disclose the identity, investments, or affairs of any of its clients.
Empowers the SEC to ascribe different meanings to terms (including the term "client") used in different sections of the Act.
People & committees
Sen. Reed, Jack [D-RI] · D–RI
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6654)
Sponsor introductory remarks on measure. (CR S6653-6654)
Introduced in Senate
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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