Hedge funds find plenty to dislike in SEC’s dealer-rule rewrite

‘Nobody knows’ for certain which investing strategies might lead to firms being forced to register as dealers


Hedge funds’ initial relief on seeing the Securities and Exchange Commission (SEC) soften its dealer designation rule has been short lived. 

Firms at first welcomed the final rule issued earlier this month, which requires a broader set of market participants to register as broker-dealers. An earlier proposed version would have forced 50 or more hedge funds to do so, industry groups said, saddling them with onerous capital and reporting requirements. 

After lobbying from hedge funds, the regulator

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