SEC Hedge Fund Bonus Ban
SEC Moving Toward Banning Hedge Fund Bonuses?
The Securities and Exchange Commission (SEC) voted yesterday for a proposal that would force brokers and investment advisers, including hedge funds, with more than $1bn (£610m) in assets to reveal staff bonus arrangements annually.
The regulator could then ban bonuses if they were judged to cause excessive risk-taking.
The proposal by the SEC, which failed to win the backing of the regulator’s two Republican commissioners, follows a similar proposal made last month for banks by the Federal Deposit Insurance Corporation (FDIC), a fellow regulator.
The SEC and FDIC are currently working to turn into specific rules the financial reform legislation passed in last summer’s Dodd-Frank Act. Source
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