A proposed law forcing advisors of hedge funds and certain other private pools of capital to register with the Securities and Exchange Commission - the SEC - has passed the US House of Representatives' Financial Services Committee, according to media reports.

The bill would also impose new record-keeping and disclosure requirements for private advisors to help regulators monitor potential risks that private funds may pose to the markets. It was also broadened to catch overseas funds.

The threshold for registration has been set fairly high at $150 million in assets under management. The administration had wanted $30 million.

Although the bill exempts advisors of venture capital funds from registration, the drafter of the bill said such advisors would still need to file certain forms with the SEC.