Federal Issues

IVCA is a state trade association which does not lobby on the federal level. However, many of our members are increasingly affected by federal legislation and regulation. To help keep them informed about key federal actions, IVCA is providing links to relevant national trade associations including the National Venture Capital Association (NVCA), the Private Equity Council (PEC) and the Biotechnology Industry Organization (BIO). Additional information links will also be provided when available.

SEC Registration

Latham & Watkins Client Alert - "Financial Services Regulation Bill Will Require Most Sponsors of Private Equity, Real Estate and Hedge Funds to Register as Investment Advisers" - July 15, 2010

http://www.lw.com/upload/pubContent/_pdf/pub3618_1.pdf

The Wall Street Journal - "Washington vs. Silicon Valley" - 7 August 2009 Editorial

http://online.wsj.com/article/SB10001424052970204313604574328621808977640.html

NVCA Website

Scroll down to "Public Policy Highlights:

Scroll down to "Click Here for More Public Policy Highlights:

Scroll down to year "2009" to:

June 4

April 22

March 26

February 3

Private Equity Council

"Private Equity Council supports PE Firm Registration with SEC"

Also see Private Equity Council website "Public Policy" section for various testimonies.

Burke, Warren, MacKay & Serritella, P.C. (Chicago Bar Association in conjunction with the Corporate Law Departments Committee): "Congress to Require Public Registration of Previously Private Investment Funds"

/filebin/PDFs/SEC Reg - Burke Warren - BD - Private Equity Fund Regulation Article - revised.pdf

Katten Muchin Rosenman LLP: "Administration Bill Would Require Managers of Hedge and Other Private Funds to Register as Investment Advisers"

http://www.kattenlaw.com/administration-bill-would-require-managers-of-hedge-and-other-private-funds-to-register-as-investment-advisers-07-16-2009/

Kaye Scholer LLP: "Administration Proposes Mandatory Investment Adviser Registration for Private Fund Managers"

http://www.kayescholer.com/news/client_alerts/200907211

Lathan & Watkins: Client Alert - "Proposed Legislation Would Require Registration of Private Equity Funds, Hedge Funds and Other Private Investment Vehicles"
http://www.lw.com/Resources.aspx?page=ClientAlertdetail&pageNum=16&publication=2477

Latham & Watkins: Webcast - "2009 Forecast for Private Equity and Hedge Fund Advisers"

http://www.lw.com/Resources.aspx?page=Webcasts

Mayer Brown LLP: "Proposed US Legislation Requires Advisers of Private Investment Funds to Register with the SEC"

http://www.mayerbrown.com/publications/article.asp?id=7483&nid=6

Sonnenschein Nath & Rosenthal LLP: "Private Fund Advisers Registration Act of 2009"

http://www.sonnenschein.com/practice_areas/financial_crisis/pub_detail.aspx?id=52923&type=E-Alerts

Winston & Strawn: "Regulation and Registration of Private Equity/Venture Capital Fund Advisers"

http://www.winston.com/siteFiles/Publications/Briefing_PE_VC.pdf

SEC Rule Prohibiting "Pay to Play"

To view the SEC Regulations, click here.

Sonnenschein Nath & Rosenthal -"SEC Enacts 'Pay to Play' Prohibitions for Investment Advisers"
http://www.sonnenschein.com/pubs/clientalerts/SEC_Enacts_Pay_to_Play_Prohibitions_for_Investment_Advisers.xml

Latham & Watkins Client Alert - SEC Adopts Rule to Prohibit 'Pay to Play' Practices - July 21, 2010

http://www.lw.com/upload/pubContent/_pdf/pub3627_1.pdf

http://www.sec.gov/news/press/2009/2009-168.htm

SBIR Grants

NVCA Website

Scroll down to "Public Policy Highlights"
Scroll down to "Click Here for More Public Policy Highlights"
Scroll down to year "2009" to:

June 4

April 22

Mar 26

Feb 3

BIO's Tax & Financial | SBIR page

Carried Interest

NVCA Website

Scroll down to "Public Policy Highlights"

Scroll down to "Click Here for More Public Policy Highlights"

Scroll down to year "2007" to:

September 6

July 11

June 22

NVCA Paper "Venture Capital and Tax Policy", please click here.

Private Equity Council

"Private Equity and the Tax Treatment of Carried Interest: An Overview"

"Carried Interest: Point and Counterpoint"

"Private Equity and Carried Interest - HR 2834"

Kirkland & Ellis LLP - Kirkland Private Equity Newsletter: "Serious Flaws in Pending Carried Interest Tax Legislation" - November 8 ,2010 http://www.kirkland.com/files/PEN/PEN_110810.pdf

Sarbanes-Oxley Technical Corrections

NVCA Website

Scroll down to "Public Policy Highlights"

Scroll down to "Click Here for More Public Policy Highlights"

Scroll down to year "2007" to:

Dec 12

June 5

BIO's Sarbanes-Oxley Regulatory Reform Page

Email: