SEC toughens hedge fund, private equity disclosure
Hedge fund and private equity managers with more than $1 billion in assets would be subject to heightened reporting requirements under a new rule proposed by the SEC on Tuesday that aims to monitor risk in the U.S. financial system.
“While the group of large private fund advisers is relatively small in number, it represents a large majority of private funds’ assets under management,” SEC Chairwoman Mary L. Schapiro said in a written statement.
She said the hedge fund money managers with at least $1 billion in hedge fund assets would apply to about 200 U.S.-based hedge fund advisers who manage a total of more than 80% of all hedge fund assets under management. Also, the SEC estimates of about 250 U.S. based private equity fund advisers managing more than $1 billion in private equity fund assets manage 85% of the U.S. private equity fund industry, Ms. Schapiro added.
Read more: http://www.sec.gov/rules/proposed/2011/ia-3145.pdf
Posted by Carmine Angone, Director, ICS Compliance - Confidence in Compliance for Hedge Fund Managers, Investment Advisors and Broker-Dealers
