Bipartisan Registration Exemption Legislation Approved by the House of Representatives
On Wednesday, December 4, the House of Representatives approved legislation (H.R. 1105) to exempt private equity investment advisers from registering with the Securities and Exchange Commission (SEC) on a strong bipartisan vote of 254 – 159. All but one House Republican voted for passage and 36 Democrats voted for the measure. The PEGCC generated the bipartisan support necessary to move the bill forward to the Senate.
In addition to gaining broad bipartisan support for the bill, the PEGCC was also successful at helping to defeat two amendments that would have gutted the proposal.
Overall, the House Floor vote was a good step in the right direction to eliminating the burdens and cost of registration. The bipartisan vote tally on H.R. 1105 in the House should augment the PEGCC’s ability to move the bill forward in the Senate. There is also bipartisan interest from some Senators who may introduce a Senate-version of the bill in the coming months. With that said, the process of moving this legislation through the Senate and into enacted law remains long and challenging. We will continue to advance this bipartisan bill.
