,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #ciba  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #d1 #bjae    
,ms4 ,velzquez introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
! ,securities ,ex*ange ,act ( #aicd to  
require c]ta9 report+ by h$ge funds t   
are ! b5eficial own] ( m ?an #a p]c5t ( 
a class ( security1 & = o!r purposes4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,h$ge ,fund ,sun%9e ,act ( #bjae4  #b4
 ,h$ge fund own]%ip disclosures ,section
 #ac ( ! ,securities ,ex*ange ,act (    
#aicd 7#ae ,u4,s4,c4 #ghm7 is am5d$--   
7#a7 9 subsection 7d71 by add+ at ! end 
! foll[+3  7#g7 ,treatm5t ( h$ge funds  
7,a7 ,9 g5]al ,) respect to a h$ge fund1
 ! requirem5ts "u p>agraph 7#a7 %all be 
appli$--  7i7 ) #a p] c5tum sub/itut$ = 
#e p] c5tum2 &  7ii7 ) five days        
sub/itut$ = t5 days4  7,b7 ,inclusion ( 
d]ivatives ,9 det]m9+ b5eficial own]%ip 
"u p>agraph 7#a71 a h$ge fund %all      
include any equity security ) respect to

 :i* ! h$ge fund owns any d]ivative     
in/rum5t :i* includes ! opportunity1    
directly or indirectly1 to pr(it or %>e 
9 any pr(it d]iv$ f any increase 9 !    
value ( su* equity security4  7,c7      
,def9itions ,= purposes ( ?is p>agraph3 
7i7 ,d]ivative ,! t]m d]ivative means   
any in/rum5t or "r ) an ex]cise or      
conv]sion privilege or a settlem5t      
paym5t or me*anism at a price relat$ to 
an equity security or ) a value d]iv$ 9 
:ole or 9 "p f ! value ( ! equity       
security1 :e!r or n su* in/rum5t or "r  
is subject to settlem5t 9 ! und]ly+     
security or o!rwise4  7ii7 ,h$ge fund ,!
 t]m h$ge fund means-- 7,i7 an issu] t  
w\ld be an inve/m5t company1 z def9$ 9 !
 ,inve/m5t ,company ,act ( #aidj1 b =   
section #c7;c77#a7 or #c7;c77#g7 ( t    
,act2 &  7,,ii7 any simil> fund t !     
,commission may1 by rule1 det]m9e       
appropriate4  2 &  7#b7 by add+ at ! end
 ! foll[+3  7s7 ,h$ge fund own]%ip      
disclosures  7#a7 ,9 g5]al ,a h$ge fund 
t has #ajj1jjj1jjj or m 9 assets "u     

managem5t & t is1 directly or           
indirectly1 ! b5eficial own] ( m ?an #a 
p]c5t ( a class ( any security %all file
 a qu>t]ly report ) ! ,commission       
disclos+ su* own]%ip int]e/4  7#b7      
,inclusion ( d]ivatives ,9 det]m9+      
b5eficial own]%ip "u p>agraph 7#a71 a   
h$ge fund %all include any equity       
security ) respect to :i* ! h$ge fund   
has an own]%ip int]e/ 9 any d]ivative   
in/rum5t :i* includes ! opportunity1    
directly or indirectly1 to pr(it or %>e 
9 any pr(it d]iv$ f any increase 9 !    
value ( su* equity security4  7#c7 ,fil+
 deadl9e ,a h$ge fund requir$ to file a 
qu>t]ly report "u ?is subsection %all   
file su* report n lat] ?an #c days aft] 
! end ( su* qu>t]4  7#d7 ,public        
availability ( in=mation ,! ,commission 
%all make all reports receiv$ "u ?is    
subsection publicly available on !      
,commission's website4  7#e7 ,def9itions
 ,= purposes ( ?is subsection3 7,a7     
,d]ivative ,! t]m d]ivative means any   
in/rum5t or "r ) an ex]cise or conv]sion

 privilege or a settlem5t paym5t or     
me*anism at a price relat$ to an equity 
security or ) a value d]iv$ 9 :ole or 9 
"p f ! value ( ! equity security1 :e!r  
or n su* in/rum5t or "r is subject to   
settlem5t 9 ! und]ly+ security or       
o!rwise4  7,b7 ,h$ge fund ,! t]m h$ge   
fund means-- 7i7 an issu] t w\ld be an  
inve/m5t company1 z def9$ 9 ! ,inve/m5t 
,company ,act ( #aidj1 b = section      
#c7;c77#a7 or #c7;c77#g7 ( t ,act2 &    
7ii7 any simil> fund t ! ,commission    
may1 by rule1 det]m9e appropriate4  4