[0] HEARING OF THE HOUSE FINANCIAL SERVICES COMMITTEE SUBJECT: INDUSTRY PERSPECTIVES ON THE OBAMA ADMINISTRATION'S FINANCIAL REGULATORY REFORM PROPOSALS WITNESSES: RICHARD BAKER, PRESIDENT, MANAGED FUNDS ASSOCIATION; WILLIAM BRODSKY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, CHICAGO BOARD OPTIONS EXCHANGE; RANDY SNOOK, EXECUTIVE VICE PRESIDENT, SIFMA; PAUL SCHOTT STEVENS, PRESIDENT, INVESTMENT COMPANY... (Part 5).
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Article Excerpt
HEARING OF THE HOUSE FINANCIAL SERVICES COMMITTEE SUBJECT: INDUSTRY PERSPECTIVES ON THE OBAMA ADMINISTRATION'S FINANCIAL REGULATORY REFORM PROPOSALS WITNESSES: RICHARD BAKER, PRESIDENT, MANAGED FUNDS ASSOCIATION; WILLIAM BRODSKY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, CHICAGO BOARD OPTIONS EXCHANGE; RANDY SNOOK, EXECUTIVE VICE PRESIDENT, SIFMA; PAUL SCHOTT STEVENS, PRESIDENT, INVESTMENT COMPANY INSTITUTE; DOUGLAS LOWENSTEIN, PRESIDENT, PRIVATE EQUITY COUNCIL; DIAHANN LASSUS, PRESIDENT, LASSUS WHETLEY, ON BEHALF OF THE FINANCIAL PLANNING COALITION; ROB NICHOLS, PRESIDENT AND CHIEF OPERATING OFFICER, FINANCIAL SERVICES FORUM CHAIRED BY: REPRESENTATIVE PAUL KANJORSKI (D-PA) LOCATION: 2128 RAYBURN HOUSE OFFICE BUILDING, WASHINGTON, D.C. TIME: 11:08 A.M. EDT DATE: FRIDAY, JULY 17, 2009(Part 5)
Fourth, regarding private equity and regulations specifically, we generally support the administration's proposal for private equity firms, venture capital firms, hedge funds and other private pools of capital to register as investment advisors with the SEC, and we support similar legislation introduced by representatives Capuano and Castle.
To be clear, registration will result in new regulatory oversight for private equity firms. There are considerable administrative and financial burdens associated with being a registered investment advisor, and in fact these could be especially problematic for smaller firms, so it is important to set the reporting threshold at a level which covers only those firms of sufficient scale to be of potential concern.
But despite the potential burden, we do support strong registration requirements for all private pools of capital because it is clear that such registration can help restore confidence in the financial market and in the long run private equity will benefit when confidence in the system is hot. While supporting registration, we...
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