Hedge Fund Sunshine Act of 2015

2015-11-04

Introduced in House

Hedge Fund Sunshine Act of 2015

This bill amends the Securities Exchange Act of 1934 to require that hedge funds send specified information to both the issuer of a security and each exchange where the security is rated within five (instead of 10) days of acquiring 1% (instead of 5%) of the beneficial ownership of an equity security, and also to file specified information required by the Securities and Exchange Commission (SEC).

For purposes of determining such beneficial ownership, a hedge fund shall include any equity security with respect to which it owns a derivative instrument that includes the opportunity to profit or share in any profit derived from an increase in the value of such equity security.

In addition, a hedge fund must file a quarterly report with the SEC if it: (1) has $100 million or more in assets under management, and (2) is the beneficial owner of more than 1% of a class of any security.

The SEC shall make all reports received under this Act publicly available on its website.

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