Hedge fund reporting too costly says expert

| 05/02/2011

(Reuters): A proposal requiring hedge fund advisers to turn over large amounts of data to regulators is burdensome and too costly, a former US securities regulator said on Saturday. Paul Atkins, who served as a commissioner at the Securities and Exchange Commission, told current regulators at the SEC that their analysis of the costs it would bring to the industry was "woefully inadequate." "I am very worried this will be one more block for building up a reason for people to move abroad," he said at SEC Speaks, a conference held each year in Washington by the Practising Law Institute.The SEC’s proposal, which was unanimously put out for public comment last month, would require advisers to hedge funds and other private funds report key information to regulators.

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