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• • • More
Articles • Converging
News 332006 / TeleCom BuyOuts, Spinoffs and Asset
Seizure Boom Respectfully
Submitted • • 102 / Internet TODAY'S
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1.
Feature Story / Hedge
Funds Draw
Concerns
SEC Chairman Cox tells a
Senate committee that the increasingly popular
partnerships need further
regulation.
Hedge funds -- generally
secretive private investment partnerships that can
use high-risk strategies in an effort to make
extraordinary gains -- have doubled their assets in
the last five years to about $1.3 trillion overall
and have become a major Wall Street
force.
•
•
Typical hedge fund clients
are wealthy individuals and institutions such as
pension plans, but some funds have opened to
investors of lesser
means.
•
•
Cox said he asked the SEC
staff to study raising the net worth level an
investor would be required to have to participate
in an unregistered hedge fund to $1.5 million. It
now is $1
million.
•
•
"You have this uneasy
feeling about a whole area here that we don't know
very well," Sen. Paul S. Sarbanes (D-Md.) said at
the Senate Banking Committee
hearing.
•
•
Under Cox's predecessor,
William H. Donaldson, the SEC voted last year to
require most hedge fund advisors to register with
the SEC to allow for greater oversight. But a U.S.
appeals court threw out the rule June 23, saying
the agency had overstepped its
authority.
•
•
Cox told the committee that
he had not ruled out appealing the decision to the
Supreme Court. The SEC has until Aug. 7 to file an
appeal.
Part
02 / In the meantime,
Rueters reported in July 2006, that Cox said the
SEC was preparing alternatives aimed at restoring
parts of the rule while ensuring they would stand
up to litigation. The original proposal would have
made clear that the SEC had the primary
responsibility for regulating hedge funds, more
than other federal agencies or the states.
•
•
In a move to protect investors, Cox said he
intended to recommend that the SEC further limit
marketing and availability of hedge funds to
"unsophisticated retail investors."
•
•
He also said he would recommend that the SEC
adopt a new anti-fraud rule to protect hedge fund
investors.
•
•
Amid concerns of another hedge fund meltdown
such as the collapse of Long-Term Capital
Management in 1998 -- which spread momentary panic
in financial markets because of the fund's heavy
use of borrowed money in its investment bets --
some in Congress want legislation that would
require more hedge fund disclosure of basic
information.
Part
03 / But Sen. John E.
Sununu (R-N.H.) criticized the SEC's fund
registration rule at the hearing.
•
•
Without a clear definition
of a problem or evidence showing how the regulation
would improve financial market efficiency, "no one
should be surprised that a court decides that the
way in which the regulations were put forward was
arbitrary and unfair," Sununu said.
•
•
Treasury Undersecretary Randal Quarles, who
also testified at the hearing, said hedge funds
were less likely to trigger widespread harm to
markets today than in previous years because major
banks that lend to the funds had increased their
scrutiny of the industry.
•
•
Quarles said it would be premature for
Congress to introduce new legislation regulating
hedge funds.
•
•
The President's Working Group on Financial
Markets, which consists of banking, securities and
commodities regulators, has not recommended direct
regulation of hedge funds. But it has stated that
if evidence emerged that indirect regulation wasn't
working to constrain the amount of debt funds took
on in pursuit of high returns, then direct
regulation of hedge funds could be considered.
•
•
•
•
The biggest hedge fund managers include
Goldman Sachs Group Inc. and D.E. Shaw Group in New
York, San Francisco's Farallon Capital Management
and Westport, Conn.-based Bridgewater
Associates.
Josie
Cory
Publisher/Editor
TVI Magazine
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108 Hedge Funds are Probed by SEC. Chairman Cox
reports to Senate committee that Hedge Fund
Financial Schemes have doubled their assets in the
last five years to about $1.3
trillion
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