A new regime

Hedge Funds

February 1 marked the beginning of a new era for hedge funds. After two years of industry consultation, the US Securities and Exchange Commission (SEC) stepped up its oversight of the industry, formally requiring hedge funds to register as investment advisers for the first time. The rule, which was finalised almost a year before its effective date, has prompted 979 new investment advisers to register since January 1, 2005, on top of the 1,171 advisers already registered, according to the SEC