Divisive SEC Meeting Leads to Hedge Fund Registration

Hume, Lynn
October 2004
Bond Buyer;10/27/2004, Vol. 350 Issue 31998, p7
Trade Publication
The article reports that in a long and divisive meeting, the five members of the Securities and Exchange Commission (SEC) yesterday voted 3 to 2 to adopt a new rule and rule changes that will require hedge fund advisers managing $25 million or more of assets to register with the SEC, designate a chief compliance officer, establish compliance controls and undergo commission examinations. The SEC action is significant for the municipal market because it comes as several muni hedge funds have been set up by some broker-dealers and by traders who were formerly involved in proprietary trading for some of the major broker-dealer firms.


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