Cox: Hedge Funds Must Be Regulated

Jul 28 2006 | 2:31pm ET

Hedge funds took center stage this week in a place they'd probably rather be forgotten: Capitol Hill. "Hedge funds are not, should not be, and will not be unregulated," said Securities and Exchange Commission Chairman Christopher Cox in his first extensive public comment on the agency's plan to pick up the pieces following the federal court's decision last month to toss out the hedge fund registration rule. In testimony before the Senate Banking Committee on Tuesday Cox said that he has directed SEC staff to take "emergency" measures to restore some of the rules lost in Goldstein vs. SEC, including reinstating some of the "safe harbor" exemptions for hedge fund managers. "We must move quickly to address the hole that the Goldstein decision has left," he said. How, exactly, that "hole" will be addressed is still up in the air, though Cox said he would leave that up to Congress.

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    Hedge Funds Care Gala Raises $2 Million For Charity

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