News 24 Jun. 2021
Curtis successfully defends foreign states' procedural privileges in the UK Supreme Court
more
News 23 Jun. 2021
Ibrahim Elsadig joins Curtis as Partner in Dubai
Client Alert 24 Feb. 2022
EU, UK, Japan and Australia Impose Sanctions on Russia
News 09 Aug. 2021
Curtis, Mallet-Prevost, Colt & Mosle enters into association with Chevalier Law in Singapore.
News 06 May. 2022
Curtis Advises Terna Group on the Sale of its Latin America Power Transmission Assets to CDPQ
Publications 05 May. 2022
Marie-Claire Argac, Simon Batifort, and Cyprien Mathié share highlights from “Affaires d’Etats: Practical Considerations When Defending States in International Arbitration” on Kluwer Arbitration Blog
Event 26 Apr. 2022
Claudia Frutos-Peterson Speaks at CAI Costa Rica’s 13th Congress of International Arbitration
News 21 Apr. 2022
SCOTUS Upholds U.S. Colonialism under the U.S. Constitution
Client Alert 23 Mar. 2022
The Dubai International Arbitration Centre (DIAC) has launched the DIAC Arbitration Rules 2022
Event 22 Nov. 2021
Partner Antonia Birt spoke at ADGMAC and AIAC Webinar Series: Webinar 5 - Disputes in Fintech and Complex Technology in MESEA
News 19 May. 2022
Eliot Lauer’s and Juan Perla’s Tenth Circuit Arguments Featured on Audio Arguendo Podcast
News 16 May. 2022
Curtis Files SCOTUS Amicus Brief for Ohio Justice & Policy Center in Prisoners’ Rights Case
Client Alert 21 Apr. 2022
New Laws Targeting Assets of Russian Oligarchs: The U.S. Announces Task Force KleptoCapture and the Kleptocracy Asset Recovery Rewards Program
Client Alert 19 Apr. 2022
U.S. President Biden Expands Export Controls Imposed on Russia and Belarus
Client Alert 24 Jun. 2021
Update on Virtual Notarization (Executive Order 202.7) During the COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021) — U.S. Insight
Update on Virtual Witnessing (New York Executive Order 202.14) During The COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021) — U.S. Insight
Publications March 2009
Three bills have recently been introduced to the Connecticut General Assembly that aim to regulate private funds that have a presence in Connecticut. Hearings on the bills were scheduled for February 27, 2009 and the effective date of each of the bills is October 1, 2009. This alert provides an overview of the three raised bills and URLs for the source text of these bills.
Raised Bill No. 953
The broadest in scope of the three bills, Raised Bill No. 953 seeks to specify reasonable regulations for all funds in the state. Currently, the scope of this bill encompasses any investment company located in Connecticut (i) that claims an exemption under Section 3(c)(1) (the 100-investor exemption) or Section 3(c)(7) (the qualified purchaser exemption) of the Investment Company Act of 1940, as amended (the '1940 Act'), and (ii) whose offering of securities is exempt under the private offering safe harbor criteria of Rule 506 of Regulation D of the Securities Act of 1933, as amended. For purposes of this bill, an investment company is deemed to be located in Connecticut if such company has an office in Connecticut where employees regularly conduct business on behalf of such company. In its proposed form, this bill does not distinguish between investment companies organized as hedge funds or private equity funds, as its intent is to encompass all private funds located in Connecticut. It should be further noted that, while this bill covers investment companies claiming an exception to the definition of investment company under Section 3(c)(1) or Section 3(c)(7), the 'Hedge Fund Transparency Act' recently introduced in the U.S. Senate would remove these Sections and transform them to exemptions by moving them, without substantive change, to new Sections 6(a)(6) and 6(a)(7) of the 1940 Act.
Any investment company covered by this bill will be subject to the following requirements:
The full text of Raised Bill No. 953 may be found at: http://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=953&which_year=2009
Raised Bill No. 6477
This bill seeks to require hedge funds and private capital funds domiciled or conducting business in Connecticut to be licensed by the Connecticut Banking Commissioner. At this time, no guidance has been provided as to what actions constitute 'conducting business' in Connecticut for purposes of this bill. This bill regulates the fund entity as opposed to its management company, as it states that no hedge fund or private capital fund may be established or conduct business in Connecticut without first obtaining a license issued by the Banking Commissioner. The application for a license must be accompanied by a $500 fee. The license is valid for one year and may be renewed annually upon the payment of $500.
The full text of Raised Bill No. 6477 may be found at: http://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=6477&which_year=2009
Raised Bill No. 6480
This bill seeks to assist prospective investors in certain hedge funds and private capital funds to make informed decisions. The scope of this bill encompasses any hedge fund or private capital fund that is both (i) domiciled in Connecticut, and (ii) receiving money from pension funds domiciled in Connecticut. Any such fund covered by the scope of this bill will be required to provide each prospective pension investor with certain financial information, including detailed portfolio information relative to the assets and liabilities of such fund, upon request by such investor.
The full text of Raised Bill No. 6480 may be found at: http://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=6480&which_year=2009
Carl A. Ruggiero
Partner
We use cookies on our website to enhance your browsing experience, match your interests and assess our website performance. We do not share information with any third-party for marketing purposes. Please view our privacy policy to learn more about the use of cookies on our website. By continuing to browse our website, you consent to our use of cookies.