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Friday July 16, 04:11
SEC vs. hedge funds

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The SEC Wednesday voted 3-2 in favor of a rule proposal that would require hedge fund advisers to register as investment advisers for the first time. SEC Chairman William Donaldson voted in favor of the rule along with the SEC’s two Democratic commissioners, Roel Campos and Harvey Goldschmid. Republicans Paul Atkins and Cynthia Glassman opposed the measure. The proposal will be opened up for a comment period of 60 days and is subject to a second SEC vote before it is adopted. "I understand that reasonable minds differ on these issues ... But I strongly believe that we need to begin now to look around that $1 trillion corner on Wall Street," said Donaldson. Commissioner Atkins called the proposed regulation an "overreaction" to the recent mutual fund scandals and an attempt by the SEC to "avoid embarrassment down the road."

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