SEC needs hedge fund authority-Schapiro

Guardian Unlimited – The U.S. Securities and Exchange Commission needs authority to require hedge fund advisers to register with the agency plus the power to examine funds’ books, the agency’s chairman said on Tuesday.

U.S. lawmakers are working to give the SEC the power to require hedge fund managers to register with the agency after a federal court overturned the SEC’s previous effort to oversee the $1.3 trillion industry.

Speaking at the Reuters Global Financial Regulation Summit in Washington, SEC Chairman Mary Schapiro said registration without any further authority "would not be sufficient."

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