HedgeCo.net (West Palm Beach) – ”One of the focal points of the Obama Administration’s Financial System Regulatory Reform Plan is to seek the passage of legislation that would require hedge fund managers (as well as other private fund managers) to become registered as investment advisors with the SEC and be in compliance with the applicable requirements under the Investment Advisers Act,” HedgeOp Compliance said, announcing the launch of a new service to help managers deal with current registration issues.

There are presently three bills pending in Congress and a recent proposal from the Treasury that would achieve that goal if passed. ”We are seeing a lot of activity as hedge fund managers look to get ahead of the curve on these requirements and starting the process sooner rather than later,” Bill Mulligan, the CEO of HedgeOp said, ”In addition to allowing for key thoughtful planning, addressing the registration issue early will provide a great deal of comfort to investors and prospective investors.”

The newly launched ADVassist is designed to provide focused registration and compliance guidance, the hedge fund consulting firm said, to not only complete the registration process, but also to create a foundation for development of a compliance culture and infrastructure.

Alex Akesson

Editor for HedgeCo.net
alex@hedgeco.net

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West Palm Beach (HedgeCo.net) – The Banks Committee of the Connecticut General Assembly voted yesterday to pass a bill that will raise the minimum financial qualifications for hedge fund investors to $2.5 million, and for institutional investors, $5 million.

If the bill, called "An Act Concerning Hedge Funds" is passed by the Connecticut General Assembly, it may become effective as early as October 1, 2009.

This marks a substantial increase above the minimum investor assets ($1 million) required under existing federal standards, making it harder for hedge fund managers in Connecticut to raise capital.

The Connecticut Bill was one of three bills introduced in mid-February to the legislature for consideration by the Banks Committee of the Connecticut General Assembly. Two other bills cover financial disclosure and licensing requirements, they up for vote in the near future.

Alex Akesson

HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on  is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds

Tags: 1-million, 5-million, accredited-investors, assets, banks committee, connecticut general assembly, financial disclosure, financial qualifications, fund investors, hedge-fund-managers, hedgeco, institutional-investors, licensing requirements, palm-beach, substantial increase, three bills