
Hedge funds agree to more regulation of their industry
Daily news headlines
The hearing came as senator Charles Grassley, ranking member on the Finance Committee, announced he intends to reintroduce legislation to require hedge funds to register with the Securities and Exchange Commission (SEC). In 2004, the SEC did attempt to force hedge funds to register with them, make certain information public and allow the supervisor to review their books. The programme failed, however, following a federal court challenge by one fund that was not appealed by the SEC.
At the hearing, George Soros, chairman of Soros Fund Management, stated that the entire US regulatory framework needed to be "reconsidered" and hedge funds need to be regulated within that new framework.
The other hedge fund managers that testified were John Alfred Paulson, president of Paulson & Co, James Simons, president of Renaissance Technologies, Philip Falcone, senior managing partner of Harbinger Capital Partners, and Kenneth Griffin, chief executive and president of Citadel Investment Group.
The managers confirmed that they would now be willing to provide information to supervisors for the purpose of monitoring systemic risk. However, they would not support releasing information on their investment strategies.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
SVB opens floodgates on liquidity buffers debate
European regulator says HQLAs should be booked at fair value, but not everyone agrees
Investing in operational readiness to optimise FRTB capital
A forum of industry experts discusses the implementation of FRTB, the burden of investment into data and infrastructure for FRTB compliance, the considerations for banks in using the standardised approach (SA) and the internal model approach (IMA)
SEC cyber rules risk creating web of confusion and costs
Proposals would require breach notifications, public disclosures and annual cyber assessments
Indonesia readies close-out netting after passing P2SK Law
Bankruptcy law changes remove close-out netting obstacles
Top 10 operational risks: The umpire strikes back
Tougher regulatory enforcement, new consumer rules and rise of ESG are ringing alarm bells
Behnam comments fan JSCC hopes for US client clearing
Japan clearing exec welcomes CFTC chair’s pledge to keep discussing OTC clearing status for non-US houses
SVB wouldn’t happen in Europe, says Deutsche CIB head
Campelli also thinks Credit Suisse’s bailed-in AT1 bonds acted as originally intended