SEC to oversee US hedge funds

WASHINGTON, DC -- Despite objection from most US hedge funds, the Securities and Exchange Commission (SEC) has adopted a rule that requires them to register with it. This brings hedge funds under SEC oversight.

Of the 161 commentators on the rule proposal of July 2004, 83 opposed the requirement for hedge funds to register with the SEC. Only 36 supported it, while 42 did not take a side.

But in its decision reached at the beginning of December, the SEC determined that given the growth of hedge funds, the broadening exposure of investors to hedge fund risk, and the growing instances of fraud by hedge fund advisers, the regulatory programme for hedge fund advisers was inadequate.

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