SEC Chairman Releases Staff Report To The Sec On The Implications Of The Growth Of Hedge Funds
- Topics:
- Securities litigation
- Source:
- Akin Gump Strauss Hauer & Feld
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Overview: The article discusses about the report released by the staff of the Division of Investment Management (the Report) to the SEC on the implications of the growth of hedge funds. In the Report, the SEC staff recommends that the SEC revise its rules under the Investment Advisers Act to require all large hedge fund advisers to register as investment advisers with the SEC. This change would be implemented by requiring all hedge fund advisers to “look through” any hedge funds under their management and count individual investors in each fund as clients. In addition to its recommendation to require the registration of all hedge fund advisers, the Report recommends that the SEC consider (i) requiring all registered funds of hedge funds to adopt policies and procedures designed to ensure appropriate valuation of hedge fund interests and to provide appropriate disclosure relating to fee arrangements, and (ii) eliminating the prohibition on general solicitation or advertising in offerings by hedge funds that are made only to highly sophisticated investors such as qualified purchasers. The Report also encourages the SEC to issue a concept release to examine the wider use of absolute return investment strategies by registered funds.
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Format: PDF | Size: 118KB | Date: Oct 2003 | Pages: 2
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