Scores of hedge funds register for SEC regulation
WASHINGTON, D.C. – Despite objections to a new rule that requires hedge fund advisers to be regulated by the US Securities and Exchange Commission (SEC), almost 1,000 fund advisers had registered with the SEC by the deadline of February 2.
According to the records from the SEC's Investment Management Division, there were 962 registrations declared effective for advisers to hedge funds between January 1, 2005 and close of business on February 2. It is estimated the rule will bring about 70% of hedge funds under SEC regulation.
The registration rule gives the SEC authority to conduct regular inspections of the records of registered hedge fund advisers in a number of operational areas, including internal controls and procedures
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