Hedge Fund Registration Bill Introduced In U.S. Senate

Jun 17 2009 | 3:55am ET

One of the senior Democrats on the Senate Banking Committee has introduced legislation that would require hedge funds and other alternative investment firms to register with the Securities and Exchange Commission.

Sen. Jack Reed (D-R.I.), who heads the Subcommittee on Securities, Insurance and Investment, offered the legislation a day before President Barack Obama unveils his wide-ranging reform of the U.S. financial regulatory system. The president’s plan includes registration, among other regulation of the hedge fund industry; the House of Representatives is also considering a registration bill.

“This bill provides the SEC with long-overdue authority to examine and collect data from this key industry,” Reed said. “It also authorizes the SEC to share this data with other federal agencies in order to create a systemwide approach to identifying and mitigating risks.”

Reed’s bill covers hedge fund, private equity, venture capital and other investment pool managers to invest with the SEC. Under his proposal, only firms managing more than $30 million would have to register on the federal level; smaller funds would be regulated on the state level.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.