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SEC Registration Requirement

SEC Registration Requirement

Asking If Hedge Funds Are Prepared for SEC Registration

I came across an interesting article today, Janaya P. Moscony, President of SEC Compliance Consultants, asks whether hedge funds are ready for SEC registration. He believes that hedge fund managers may be better prepared for this transition than they think. Hedge funds are logically nervous of registering with the SEC based on recent SEC statements but, Moscony argues, the agency is simply trying to position itself to best deal with cases of fraud--not just targeting hedge funds.
Despite the hype, the SEC is not out to get hedge funds. They are focused on improving their batting average with finding fraud and hedge funds provide good headlines. Even though the number of hedge funds willfully engaging in misconduct is minute, hedge fund managers should expect to be examined by the SEC. Although the implications and cost of on-going registration may appear burdensome, many firms may be better prepared than they think. By formalizing existing procedures as part of a complete compliance program with policies and procedures mapped to a thorough firm-wide risk-assessment, any SEC visit should be routine.

Nonetheless, many managers to hedge funds continue to be concerned. This is to be expected with the recent passage of the Private Fund Investment Advisers Registration Act of 2010. The registration act is part of the larger Dodd-Frank Wall Street Reform and Consumer Protection Act. Source

Related to: SEC Registration Preparation

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