I 
114TH CONGRESS 
1ST SESSION H. R. 3921 
To amend the Securities Exchange Act of 1934 to require certain reporting 
by hedge funds that are the beneficial owner of more than 1 percent 
of a class of security, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 4, 2015 
Ms. VELA´ZQUEZ introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend the Securities Exchange Act of 1934 to require 
certain reporting by hedge funds that are the beneficial 
owner of more than 1 percent of a class of security, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Hedge Fund Sunshine 
Act of 2015’’. 
SEC. 2. HEDGE FUND OWNERSHIP DISCLOSURES. 
Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended— 
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(1) in subsection (d), by adding at the end the 
following: 
‘‘(7) TREATMENT OF HEDGE FUNDS.— 
‘‘(A) IN GENERAL.—With respect to a hedge 
fund, the requirements under paragraph (1) shall be 
applied— 
‘‘(i) with ‘1 per centum’ substituted for ‘5 
per centum’; and 
‘‘(ii) with ‘five days’ substituted for ‘ten 
days’. 
‘‘(B) INCLUSION OF DERIVATIVES.—In deter-
mining beneficial ownership under paragraph (1), a 
hedge fund shall include any equity security with re-
spect to which the hedge fund owns any derivative 
instrument which includes the opportunity, directly 
or indirectly, to profit or share in any profit derived 
from any increase in the value of such equity secu-
rity. 
‘‘(C) DEFINITIONS.—For purposes of this para-
graph: 
‘‘(i) 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 se-
curity or with a value derived in whole or in 
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part from the value of the equity security, 
whether or not such instrument or right is sub-
ject to settlement in the underlying security or 
otherwise. 
‘‘(ii) HEDGE
FUND.—The term ‘hedge 
fund’ means— 
‘‘(I) an issuer that would be an invest-
ment company, as defined in the Invest-
ment Company Act of 1940, but for sec-
tion 3(c)(1) or 3(c)(7) of that Act; and 
‘‘(II) any similar fund that the Com-
mission may, by rule, determine appro-
priate.’’; and 
(2) by adding at the end the following: 
‘‘(s) HEDGE FUND OWNERSHIP DISCLOSURES.— 
‘‘(1) IN
GENERAL.—A hedge fund that has 
$100,000,000 or more in assets under management 
and that is, directly or indirectly, the beneficial 
owner of more than 1 percent of a class of any secu-
rity shall file a quarterly report with the Commission 
disclosing such ownership interest. 
‘‘(2) INCLUSION
OF
DERIVATIVES.—In deter-
mining beneficial ownership under paragraph (1), a 
hedge fund shall include any equity security with re-
spect to which the hedge fund has an ownership in-
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terest in any derivative instrument which includes 
the opportunity, directly or indirectly, to profit or 
share in any profit derived from any increase in the 
value of such equity security. 
‘‘(3) FILING
DEADLINE.—A hedge fund re-
quired to file a quarterly report under this sub-
section shall file such report not later than 3 days 
after the end of such quarter. 
‘‘(4) PUBLIC AVAILABILITY OF INFORMATION.— 
The Commission shall make all reports received 
under this subsection publicly available on the Com-
mission’s website. 
‘‘(5) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) 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 se-
curity or with a value derived in whole or in 
part from the value of the equity security, 
whether or not such instrument or right is sub-
ject to settlement in the underlying security or 
otherwise. 
‘‘(B) HEDGE
FUND.—The term ‘hedge 
fund’ means— 
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‘‘(i) an issuer that would be an invest-
ment company, as defined in the Invest-
ment Company Act of 1940, but for sec-
tion 3(c)(1) or 3(c)(7) of that Act; and 
‘‘(ii) any similar fund that the Com-
mission may, by rule, determine appro-
priate.’’. 
Æ 
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