The Obama administration will on Wednesday unveil draft legislation that will require all US hedge funds with more than $30m in assets under management to register with the Securities and Exchange Commission.
From the Financial Times:
The Obama administration will on Wednesday unveil draft legislation that will require all US hedge funds with more than $30m in assets under management to register with the Securities and Exchange Commission.
The move ends decades of hedge fund independence from regulatory oversight in the US and will include more stringent measures than had been expected by many in the alternative investment industry – including “quite tough” capital requirements to stop large funds “gambling with their size”.
Related
In a speech to the Exchequer Club in Washington, Michael Barr, US Treasury assistant secretary for financial institutions, said “sweeping reforms” of the financial sector would continue with hedge fund legislation sent to Congress on Wednesday afternoon.
To read the full story, visit ft.com
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