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SEC chair pushes hedge funds to be more open on private stock deals

Reuters – The head of the U.S. Securities and Exchange Commission vowed to plow ahead with controversial new rules requiring hedge funds to disclose details about private stock deals before advertising them, a move that is likely to irk the industry.

“For investors’ sake and the sake of the new marketplace, we need to move expeditiously toward adoption,” SEC Chair Mary Jo White told the Managed Funds Association (MFA) in a speech in New York on Friday.

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