US senate rejects hedge fund rules

The US senate has rejected a proposed amendment that would have required most hedge funds to register with the Securities and Exchange Commission (SEC).

Charles Grassley, senior Republican member of the Senate's finance committee, proposed compelling any adviser with more than $50 million under management - or responsible for more than 15 investors - to register with the SEC.

At present, advisers with more than 15 clients have to register, although pooled investment vehicles, such as hedge fun