Several middle market private equity firms have launched a last-ditch campaign urging Congress not to impose a new requirement that they register with the U.S. Securities and Exchange Commission, Buyouts reported.
The movement is spearheaded by Rob Morris, managing partner of Olympus Partners, and executives at Atlas Holdings LLC and Brockway Moran & Partners.
Executives at other shops, including Sentinel Capital Partners and Cortec Group, are also helping the loosely affiliated group.
On Jan. 26, Andy Bursky, chairman of Atlas Holdings, is scheduled to speak during a House Financial Services Committee hearing on promoting job growth. Bursky told Buyouts he will ask legislators to delay imposition of the registration requirement to allow for more time to study its impact, and propose that new legislation be created to effectively nullify the requirement.
The effort comes as regulators begin writing rules for the Dodd-Frank Wall Street Reform and Consumer Protection Act, which President Barack Obama signed into law last July. The portion in question calls for firms with $150 million of assets or more under management to register with the SEC, which would entail filing annual paperwork, developing compliance policies, keeping tighter records and undergoing examinations, among other obligations.
Read the full story, including how Bursky and others got a face-to-face meeting with Spencer Bachus, the new chair of the House Financial Services Committe, here.