Today the House Financial Services Committee voted to approve a private adviser registration bill in a 67-1 vote.  As reported by the Wall Street Journal and other news sources reported:

• The bill would require private fund managers with at least $150 million in AUM to register with the SEC.  This  threshold is significantly higher than the $30 million threshold included in the original version of the House bill and in the legislation proposed by the Administration in July.
• Registered advisers would be required to keep additional records and make new disclosures about their transactions to both the SEC and a proposed systemic risk regulator. The SEC would disclose additional information about trading to investors, creditors and other counterparties.
• Venture capital advisers would be exempt from registration requirements under the bill.
• Certain offshore funds will be subject to SEC oversight
• Private fund managers would be given a one-year transitional period before being required to register with the SEC.

A vote by the full House on the approved bill is expected next month. The bill approved today is part of broader package of post-crisis reforms to be considered by the full House this fall. Separately, the Senate Banking Committee will take up a reform package later this year.  As such, there could be further changes before the legislation is finalized and approved.