H.R.3921 - Hedge Fund Sunshine Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Velazquez, Nydia M. [D-NY-7] (Introduced 11/04/2015)|
|Committees:||House - Financial Services|
|Latest Action:||House - 11/04/2015 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3921 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (11/04/2015)
Hedge Fund Sunshine Act of 2015
This bill amends the Securities Exchange Act of 1934 to require that hedge funds send specified information to both the issuer of a security and each exchange where the security is rated within five (instead of 10) days of acquiring 1% (instead of 5%) of the beneficial ownership of an equity security, and also to file specified information required by the Securities and Exchange Commission (SEC).
For purposes of determining such beneficial ownership, a hedge fund shall include any equity security with respect to which it owns a derivative instrument that includes the opportunity to profit or share in any profit derived from an increase in the value of such equity security.
In addition, a hedge fund must file a quarterly report with the SEC if it: (1) has $100 million or more in assets under management, and (2) is the beneficial owner of more than 1% of a class of any security.
The SEC shall make all reports received under this Act publicly available on its website.