On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act or Act”). While the Dodd-Frank Act primarily reflects the federal attempt to prevent the type of financial crisis that the U.S. faced in 2008 and 2009, it also imposes registration, record keeping and other compliance requirements on a much broader swath of the private equity and hedge fund industries than were subject to such regulation before its passage. This panel will summarize the Act's more significant legal impacts on private equity and provide practical suggestions with respect to certain best practices that private equity firms might consider incorporating into their governance structure. Finally, the panel will explore future issues that will certainly arise, such as the treatment of carried interest, and the role that private equity fund members of the NAIC might have in shaping such game changing potential legislation.
Karl A. Racine, Venable, LLP
For more information, visit the National Association of Investment Companies (NAIC) website.