,i  #aadth ,,congress  #ast ,session    
,h4 ,r4 #ciba  ,,in ,,the ,,house ,,of  
,,representatives  ,november #d1 #bjae  
,ms4 ,velzquez introduced the following 
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to amend the ,securities       
,exchange ,act of #aicd to require      
certain reporting by hedge funds that   
are the beneficial owner of more than #a
 percent of a class of security1 and for
 other purposes4  #a4 ,short title ,this
 ,act may be cited as the ,hedge ,fund  
,sunshine ,act of #bjae4  #b4 ,hedge    
fund ownership disclosures ,section #ac 
of the ,securities ,exchange ,act of    
#aicd 7#ae ,u4,s4,c4 #ghm7 is amended-- 
7#a7 in subsection 7d71 by adding at the
 end the following3  7#g7 ,treatment of 
hedge funds  7,a7 ,in general ,with     
respect to a hedge fund1 the            
requirements under paragraph 7#a7 shall 
be applied--  7i7 with #a per centum    
substituted for #e per centum2 and  7ii7
 with five days substituted for ten     

days4  7,b7 ,inclusion of derivatives   
,in determining beneficial ownership    
under paragraph 7#a71 a hedge fund shall
 include any equity security with       
respect to which the hedge fund owns any
 derivative instrument which includes   
the opportunity1 directly or indirectly1
 to profit or share in any profit       
derived from any increase in the value  
of such equity security4  7,c7          
,definitions ,for purposes of this      
paragraph3 7i7 ,derivative ,the term    
derivative means any instrument or right
 with an exercise or conversion         
privilege or a settlement payment or    
mechanism at a price related to an      
equity security or with a value derived 
in whole or in part from the value of   
the equity security1 whether or not such
 instrument or right is subject to      
settlement in the underlying security or
 otherwise4  7ii7 ,hedge fund ,the term 
hedge fund means-- 7,i7 an issuer that  
would be an investment company1 as      
defined in the ,investment ,company ,act

 of #aidj1 but for section #c7;c77#a7 or
 #c7;c77#g7 of that ,act2 and  7,,ii7   
any similar fund that the ,commission   
may1 by rule1 determine appropriate4  2 
and  7#b7 by adding at the end the      
following3  7s7 ,hedge fund ownership   
disclosures  7#a7 ,in general ,a hedge  
fund that has #ajj1jjj1jjj or more in   
assets under management and that is1    
directly or indirectly1 the beneficial  
owner of more than #a percent of a class
 of any security shall file a quarterly 
report with the ,commission disclosing  
such ownership interest4  7#b7          
,inclusion of derivatives ,in           
determining beneficial ownership under  
paragraph 7#a71 a hedge fund shall      
include any equity security with respect
 to which the hedge fund has an         
ownership interest in any derivative    
instrument which includes the           
opportunity1 directly or indirectly1 to 
profit or share in any profit derived   
from any increase in the value of such  
equity security4  7#c7 ,filing deadline 

,a hedge fund required to file a        
quarterly report under this subsection  
shall file such report not later than #c
 days after the end of such quarter4    
7#d7 ,public availability of information
 ,the ,commission shall make all reports
 received under this subsection publicly
 available on the ,commission's website4
  7#e7 ,definitions ,for purposes of    
this subsection3 7,a7 ,derivative ,the  
term derivative means any instrument or 
right with an exercise or conversion    
privilege or a settlement payment or    
mechanism at a price related to an      
equity security or with a value derived 
in whole or in part from the value of   
the equity security1 whether or not such
 instrument or right is subject to      
settlement in the underlying security or
 otherwise4  7,b7 ,hedge fund ,the term 
hedge fund means-- 7i7 an issuer that   
would be an investment company1 as      
defined in the ,investment ,company ,act
 of #aidj1 but for section #c7;c77#a7 or
 #c7;c77#g7 of that ,act2 and  7ii7 any 

similar fund that the ,commission may1  
by rule1 determine appropriate4  4