NEWS

WASHINGTON, D.C., July 15, 2010 – The Coalition of Private Investment Companies (CPIC) issued the following statement today after the final passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act:

“The Dodd-Frank Act is a sensible approach to private investment company regulation, addressing generally the needed reforms we outlined in Congressional testimony,” said James S. Chanos, CPIC’s chairman. “We continue to believe, however, that the Dodd-Frank reforms should be extended to those pursuing all private investment strategies. We look forward to working with the Securities and Exchange Commission in implementation of the new regulatory regime.”

CPIC had called for a common regulatory framework for all managers of alternative investment companies regardless of investment strategy. These principles included registration of private investment companies, tougher custody requirements, more detailed disclosures by private investment funds to their investors and counterparties, and more focused reporting to the SEC so that the regulator could better monitor risks to investors and the economy.

CPIC is a coalition of private investment companies who are diverse in size and in the investment strategies they pursue. Established in 2005, CPIC informs policy-makers, the media, and the public about the private fund industry and its role in the capital markets. (More information is available at: www.hedgefundfacts.org and www.financialdetectives.org.)

Press Contact: Matt Well
Phone: 202.347.7941
Cell: 202.460.9711
E-mail: mwell@theheraldgroup.com