SEC Chief Cites New Hedge Rules Among ‘Enormous Burden’

Oct 20 2010 | 2:45am ET

Securities and Exchange Commission Chairman Mary Schapiro said the agency will have to shift resources to create a new regulatory regime for hedge funds, among other things.

Schapiro said that the regulator “will meet our deadlines” to write rules, establish offices and run studies, as called for by the newly-enacted Dodd-Frank financial regulatory reform law. According to Schapiro, there are 105 rules to lay down, 20 studies to write and five offices to staff, which she characterized as an “enormous burden.”

“We are resource-constrained at the SEC,” Schapiro said yesterday, meaning that the agency “will be shifting resources from other areas that are deeply deserving of our time and attention right now.”

The chairman cited the SEC’s new powers over hedge funds as among the biggest challenge facing the agency.

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