Sec. 501. Disclosure of fees and returns

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The Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq.) is amended by adding at the end the following: In this section, the terms private fund and target firm have the meanings given the terms in section 3 of the Stop Wall Street Looting Act . Not later than 1 year after the date of enactment of this section, the Commission shall issue final rules that require a private fund to, using generally accepted accounting principles, annually report the following information with respect to that private fund:

The name, address, and vintage year of the fund. The name of each general partner of the fund. The name of each limited partner of the fund. A list of each entity with respect to which the fund owns a percentage. In dollars, the total amount of regulatory assets under management by the fund. In dollars, the total amount of net assets under management by the fund. The percentage of fund equity contributed by the general partners of the fund and the percentage of fund equity contributed by the limited partners of the fund.

Information on the debt held by the fund, including— the dollar amount of total debt; the percentage of debt for which the creditor is a financial institution in the United States; the percentage of debt for which the creditor is a financial institution outside of the United States; the percentage of debt for which the creditor is an entity that is located in the United States and is not a financial institution; and the percentage of debt for which the creditor is an entity that is located outside of the United States and is not a financial institution.

The gross performance of the fund during the year covered by the report. For the year covered by the report, the difference obtained by subtracting the financial gains of the fund by the fees that the general partners of the fund charged to the limited partners of the fund (commonly referred to as the performance net of fees ). For the year covered by the report, an annual financial statement, which shall include income statements, a balance sheet, and cash flow statements. The average debt-to-equity ratio of each target firm with respect to the fund and the debt-to-equity ratio of each such target firm.

The total gross asset value of each target firm with respect to the fund and the gross asset value of each such target firm. The total amount of debt held by each target firm with respect to the fund and the total amount of debt held by each such target firm. The total amount of debt held by each target firm with respect to the fund that, as of the date on which the report is submitted, are categorized as liabilities, long-term liabilities, and payment in kind or zero coupon debt.

The total number of target firms with respect to the fund that experienced default during the period covered by the report, including the name of any such target firm. The total number of the target firms with respect to the fund with respect to which a case was commenced under title 11, United States Code, during the period covered by the report, including the name of any such target firm. The percentage of the equity of the fund that is owned by— citizens of the United States; individuals who are not citizens of the United States; brokers or dealers; insurance companies; investment companies that are registered with the Commission under this Act; private funds and other investment companies not required to be registered with the Commission; nonprofit organizations; pension plans maintained by State or local governments (or an agency or instrumentality of either); pension plans maintained by nongovernmental employers;

State or municipal government entities; banking or thrift institutions; sovereign wealth funds; and other investors. The total dollar amount of aggregate fees and expenses collected by the fund, the manager of the fund, or related parties from target firms with respect to the fund, which shall— be categorized by the type of fee; and include a description of the purpose of the fees. The total dollar amount of aggregate fees and expenses collected by the fund, the manager of the fund, or related parties from the limited partners of the fund, which shall— be categorized by the type of fee; and include a description of the purpose of the fees.

The total carried interest claimed by the fund, the manager of the fund, or related parties and the total dollar amount of carried interest distributed to the limited partners of the fund. A description of, during the year covered by the report, any material changes in risk factors at the fund level, including— concentration risk; foreign exchange risk; and extra-financial risk, including environmental, social, and corporate governance risk. Any other information that the Commission determines is necessary and appropriate for the protection of investors.

The Commission shall, with respect to the rules issued under subsection (b)— review the rules once every 5 years; and revise the rules as necessary to ensure that the disclosures required under the rules reflect contemporary (as of the date on which the rules are revised) trends and characteristics with respect to private investment markets. Notwithstanding any provision of section 204 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–4 ), the information disclosed under the rules issued under subsection

(b)shall be made available to the public. .

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15 USC 80a–1
15 USC 80b–4

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Sec. 501

Disclosure of fees and returns

Cite15 USC 80a–1

Cite15 USC 80b–4

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