In The Hedge Fund Law Report, Investment Management Counsel Provides Insights on The Financial CHOICE Act of 2017
A piece in the June 1 edition of The Hedge Fund Law Report analyzes The Financial CHOICE Act of 2017, providing insights from practitioners at the forefront of interactions between the industry and regulators, assessing its potential impact on the private funds sector. In order to gain a real sense of the CHOICE Act’s potential impact, Ropes & Gray investment management counsel David Tittsworth (Washington, D.C.) recommends reviewing each of its provisions separately. The bill is enormous in scope, and relatively little of it relates directly to the reform or repeal of existing asset management regulations, Mr. Tittsworth outlines. Although the CHOICE Act has a reasonable chance of making it through the House of Representatives, Mr. Tittsworth states in the article, stiff resistance is a near certainty in the Senate considering the desire of Democrats to preserve the Dodd-Frank Act. No fewer than 60 votes are necessary to pass the bill in the Senate unless politicians exercise the so-called “nuclear option” to alter Senate rules, an eventuality he deems highly unlikely for regulatory legislation, Mr. Tittsworth highlights.