Middle East North Africa Financial Network – Many hedge funds, the often secretive and lightly regulated investment vehicles for wealthy individuals and big institutions, are hedging when it comes tonew rules requiring them to give up some of their privacy.
Starting Wednesday, hedge fund advisers with more than 14 clients and $30 million in assets must register with the Securities and Exchange Commission.
With the deadline looming, the number of funds registering with the nation’s top securities watchdog has barely exceeded the low end of initial estimates when the agency proposed the rules in July 2004.
From Jan. 1, 2005, through the close of business Monday, 714 hedge fund advisers have registered, an SEC spokesman said. The SEC originally estimated anywhere from 690 to 1,260 advisers would register under its new rules.
