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| News Briefs |
Frank Assessments
07/25/2006
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Bill would revive SEC oversight of hedge funds.
Rep. Barney Frank (D-Mass.) has introduced legislation to
authorize the registration and monitoring of hedge funds. Frank, the ranking
Democrat on the House Financial Services Committee, says the bill will give the
SEC "clear authority" over the hedge fund industry.
Last month, the
U.S. Court of Appeals overturned a 2004 rule that required hedge fund advisors
to disclose basic information about their funds to the SEC. Frank's legislation
would effectively reverse this decision.
If passed, the bill would
allow the SEC to require hedge fund managers with more than 15 investors to
register. It would also encourage the SEC to periodically examine the records of
hedge funds. The SEC hedge fund rule was originally adopted in December 2004.
Nearly 1,000 fund managers registered with the commission, but they can now
choose to deregister. The current bill proposal is awaiting committee
consideration in the House.
Tim Chan
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