SEC Chief Seeks ‘Some’ Hedge Fund Disclosures To Public

Sep 21 2009 | 12:34pm ET

U.S. regulators do not plan to throw open the curtains on hedge fund operations, but do hope to let at least a little sunshine in on the secretive industry, Securities and Exchange Commission Chairman Mary Schapiro said.

If Congress, as is expected, requires hedge funds to register with the agency, the SEC will in turn require “some level of public reporting,” Schapiro told a conference at Georgetown University on Friday. But the public shouldn’t expect to get the same peek at what hedge funds are doing as regulators will.

Schapiro said she is “very aware of the tension” hedge funds feel about greater disclosure, fearing that it will give their competitors a leg up. So instead of demanding detailed public disclosures, she said the SEC will seek “fairly detailed reporting to regulators and some level of public reporting to investors.”

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