Senator Reed calls for all private funds to register with SEC

May 11th, 2010
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Senator Jack Reed of Rhode Island has filed an amendment that would require all private fund managers, including hedge, private equity and venture capital funds, to open their books to either the Securities and Exchange Commission or state regulators. Currently, only hedge funds with more than $100 million in assets are required to register, while most private equity shops and venture capital firms are exempt.

The Hedge Fund Association, which primarily represents small hedge funds, has spoken out against the proposed amendment. The group’s spokesperson, Mitch Ackles, believes that Reed is overstating the systemic risk that small funds pose and that the high compliance costs, which he believes could reach $250,000, will prevent fund growth.
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