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SEC Forms New Group to Keep Hedge Funds in Check

Apr 07, 2014
Jing Chen

The Securities and Exchange Commission has formed a new group that will be in charge of examining private equity and hedge funds, after the 2010 Dodd-Frank law required the funds to be regulated.

Economic Times reported that the new examination program will look at areas including how private equity and hedge funds value their assets, disclose their fees, and communicate with investors.

Under the Dodd-Frank Act, which went into effect in July 2011, hedge funds and private equity firms with $150 million in assets under management or more are required to register with the SEC. Also, Dodd-Frank required that they must periodically file a Form PF with regulators providing detailed information of their funds to ensure transparency.

For 2015, the SEC is seeking to add 316 staff to the new group; it currently has about 450 examiners, accountants, and lawyers in 12 offices focusing on investment advisers and companies.

SEC Chair Mary Jo White told a U.S. House of Representatives appropriations panel last week that “there is an immediate and pressing need for significant additional resources to permit the SEC to increase its examination coverage of registered investment advisers so as to better protect investors and our markets.”






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