On March 15, 2010, U.S. Senate Banking Chairman Christopher Dodd (D-CT) released a discussion draft of the “Restoring American Financial Stability Act of 2010” (RAFSA), a measure that would provide for a historic overhaul of the financial services regulatory system. Title IV of the RAFSA is entitled, the “Private Fund Investment Advisers Registration Act of 2010” (PFIAR Act), which contains many similarities to the previous version of this Act contained in a comprehensive regulatory reform package distributed by Chairman Dodd in November 2009, and discussed in our November 2009 Alert. In addition, there are many similarities to the Private Fund Investment Advisers Registration Act of 2009 (House Bill) contained in the Wall Street Reform and Consumer Protection Act of 2009 passed by the House on December 11, 2009, and discussed in our December 2009 Alert.
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