Hedge Fund Disclosure Act

Summary

Hedge Fund Disclosure Act - Requires each unregulated hedge fund to submit quarterly reports for public dissemination to the Board of Governors of the Federal Reserve System, including: (1) total assets and notional amount of its derivatives position; (2) the balance sheet leverage ratio of assets to liabilities; (3) meaningful, comprehensive measures of market risk; and (4) such other information as selected regulatory agencies may require. Provides for sequestration of any proprietary information. Defines unregulated hedge fund as: (1) any pooled investment vehicle with capital of $3 billion or more that is privately organized, administered by professional investment managers, not widely available to the public, and is not registered as an investment company under the Investment Company Act of 1940; and (2) any group or family of such pooled investment vehicles with total assets under management of $20 billion or more. Authorizes judicial enforcement of orders issued by designated regulatory agencies. Denies judicial review of any order issued by such agencies. Expresses the sense of Congress that each public company, including financial institutions, should regularly and publicly disclose a summary of its direct material credit exposures to significantly leveraged financial institutions, including commercial banks, investment banks, finance companies, and unregulated hedge funds. Directs the Securities and Exchange Commission, the Commodities Futures Trading Commission, and the Federal banking agencies to prescribe regulations to require such disclosures. Amends the Federal Deposit Insurance Act to mandate that each appropriate Federal banking agency prescribe safety and soundness standards pertaining to counterparty risk management.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 23 September 1999

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 23 September 1999

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 23 September 1999

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.