118th Congress · HOUSE JOINT RESOLUTIONBILL

H.J.Res. 119 — Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews".

“Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews".”

Finance and financial sector

Introduced Mar 21, 2024

Last action Mar 21, 2024

Pipeline · Bill → Law

Step 1

Introduced

Mar 21, 2024

Step 2

Referred

Mar 21, 2024

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This joint resolution nullifies the final rule issued by the Securities and Exchange Commission (SEC) titled Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews and published on September 14, 2023. The rule requires SEC-registered advisers to private funds to disclose information to investors regarding compensation, sales practices, and conflicts of interest. It also requires SEC-registered advisers to give investors independent fairness opinions and valuation opinions when initiating certain private fund transactions.

Provisions · 1 sectionsIntroduced in House

Timeline · 2 actions

Mar 21, 2024

Introduced in House

Mar 21, 2024

Referred to the House Committee on Financial Services.