Summary: H.R.3921 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.3921. Bill summaries are authored by CRS.

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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.