US hedge fund regulation pushed back to 2012

| 24/06/2011

(MarketWatch): The US securities regulator delayed a long-awaited rule bringing US hedge funds under its purview, Wednesday as the agency struggles to implement a mountain of new rules after the banking crisis. The Securities and Exchange Commission pushed back a plan to have the new funds register by July 21, until the first quarter of 2012.  SEC members adopted a proposal they introduced in November that requires hedge-fund and private-equity managers with more than $150 million in assets, or with 15 or more clients in the United States, to register with the agency.

Roughly 750 big funds will now be subject to the new regulations, a rule that the Dodd-Frank bank reform legislation allowed the agency to write.

The SEC also will conduct surprise examinations of these managers, who will be required to file reports about their funds and on any conflicts of interest starting in 2012.

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