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Dodd-Frank Wall Street Reform To Focus On Hedge Funds

SEC Chairwoman Mary SchapiroNew York (HedgeCo.Net) – Reuters is reporting that because of the Dodd-Frank Wall Street Reform and Consumer Protection Act the SEC is putting together a team specifically to investigate private equity and hedge funds.

The Dodd-Frank Act contains more than 90 provisions that require SEC rulemaking, and dozens of other provisions that give the SEC discretionary rulemaking authority. “To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘‘too big to fail’’, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.” The SEC says.

“The examiners will look at areas including how private equity and hedge funds value their assets, disclose their fees, and communicate with investors.” Reuters said, “The agency has responded by adding more specialist examiners, covering areas ranging from financial markets to derivatives, and coordinating among examiners nationally.

“The SEC’s new private fund unit is co-chaired by Igor Rozenblit and Marc Wyatt, the sources said. Rozenblit joined the asset management unit of the SEC’s enforcement division in 2010 and is a former private equity professional. Wyatt is a hedge fund veteran who joined the SEC in 2012 as a private funds examiner.” Reuters said.

Alex Akesson
Editor for HedgeCo.net
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