The Chairman of the US Securities and Exchange Commission Alan Greenspan has again added his voice to the issue of hedge fund regulations proposed by the SEC. Earlier Greenspan told a US HouseCommittee that hedge funds are important participants in the financial markets, and he does not see the need for regulating the industry.
Richard Shelby, Chairman of the Senate bank committee, asked Mr. Greenspan if he has changed his views since 1999 President�s Working Committee decision that hedge funds should not be regulated. Greenspan told the Senate bank panel, “There is no evidence that investors in hedge funds today are any less sophisticated than they were in 1999.� Greenspan added, “Indeed, institutional investors have accounted for a growing share of hedge fund investments, and they can and should protect their own interests rather than rely on the limited regulatory protections that would be provided as a result of a registration requirement,” according to him.
In a 3/2 decision last month the SEC voted to regulate the US hedge funds, however this decision has been mired in deepening controversy since. Nevertheless, over 50% of US based hedge fund asset managers have already voluntarily registered with the SEC.
The SEC will take a final vote on the issue after the September 15 comment deadline.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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