ACG Applauds Hearing on SEC Requirements for MM PE Funds
The Association for Corporate Growth (ACG) announced it applauds the Congressional hearing to consider exempting middle-market private equity funds from the registration requirements under the SEC’s Investment Advisers Act of 1940 imposed by Dodd-Frank.
The hearing, held before the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises considered HR 1105, the Small Business Capital Access and Job Preservation Act of 2013, would amend the Investment Advisors Act of 1940 to provide an exemption from registration for certain private equity fund advisers.
“We thank Subcommittee Chairman Garrett of New Jersey and Ranking Member Carney of Delaware for holding today’s hearing and welcome the committee’s consideration of this important legislation,” said Gary A, LaBranche, FASAE, CAE, ACG president and CEO. “ACG and its members have long been supportive of financial regulatory enhancements. However, middle-market private equity funds have not been shown to add to the systemic risk of the global financial system. It is important that the application of Dodd-Frank uphold the original spirit and intent of the legislation which is to safeguard our financial system, without constraining capital and the middle-market’s ability to contribute to economic growth and job creation.”