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| SEC Votes Hedge Funds Advisers Must Register |
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Wednesday, October 27 2004 @ 01:47 AM EDT
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I guess the Wild West Days are over for hedge funds. The SEC has just voted that hedge funds advisers must register with them and submit to examinations under a new rule that goes into effect in February of 2006. Reuters says that funds with less than $25 million are exempt: "In a setback for the booming, nearly $1 trillion hedge fund industry, the SEC ordered fund managers to begin submitting basic information about the free-wheeling capital pools they administer, catering mainly to the rich and institutions. . . .
"'We know too little about this dramatically growing industry. ... What little we do know, at least to me, has alarm bells ringing,' [SEC Commissioner Harvey] Goldschmid said at the meeting.
"Hedge fund assets are up by 260 percent over five years, with hedge fund fraud also growing rapidly, SEC staffers said.
"Hedge fund advisers played a key role in the 'scandals involving mutual fund late trading and inappropriate market timing ... They picked the pockets of everyday mutual fund investors,' said SEC Investment Management Director Paul Roye."
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| Authored by: entre on Wednesday, October 27 2004 @ 02:00 AM EDT |
| Long overdue!! [ Reply to This | # ]
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| Authored by: moosie on Wednesday, October 27 2004 @ 02:08 AM EDT |
| Shrek(TM) didn't need a bridge...He had a swamp [ Reply to This | # ]
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| Authored by: Avier on Wednesday, October 27 2004 @ 02:29 AM EDT |
Please use clickable links
<a href="link"> text </a>
---
"The most likely way for the world to be destroyed, [...], is by accident.
That's where we come in; we're computerexperts, we cause accidents" [N.
Borenstein]
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| Authored by: Greebo on Wednesday, October 27 2004 @ 03:06 AM EDT |
| Since i'm just a code monkey, and have very little understanding of Financial
markets, can someone please explain how this is relevant to
SCOX?
Greebo ---
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Recent Linux Convert and Scared Cat Owner [ Reply to This | # ]
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- Baystar - Authored by: codswallop on Wednesday, October 27 2004 @ 03:09 AM EDT
- Baystar - Authored by: Greebo on Wednesday, October 27 2004 @ 04:05 AM EDT
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| Authored by: Anonymous on Wednesday, October 27 2004 @ 03:08 AM EDT |
Yay! More government involvement!
Let's celebrate![ Reply to This | # ]
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| Authored by: Stephen on Wednesday, October 27 2004 @ 04:15 AM EDT |
Things are happening to hedge funds like Baystar... I'm left asking, "What's
a hedge fund, anyway?"
In a nutshell, a hedge fund is an investment fund
that, by limiting itself to very wealthy investors, avoids nearly all of the
regulations that apply to everyday mutual funds. Hedge funds have a reputation
for novel and unusual investment strategies.
(That's a two-sentence
summary of what I learned from Wikipedia. If you're curious for more, as I was,
try the original Wikipedia
article.)
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| Authored by: tiger99 on Wednesday, October 27 2004 @ 11:30 AM EDT |
| They don't do things very quickly, do they? IANAL, but IMHO if abuse is
occurring, the procedures to prevent it need to be put in place as quickly as
possible. No doubt those more knowledgeable will enlighten us as to why it
takes so long...... It reminds me of London's bid for the 2012 Olympic Games.
We need an improvement to our transport infrastructure known as Crossrail, which
in direct comparison with other recent projects can be completed in 4 years, if
they start now. 2012 is 8 years away. Crossrail will not be ready for the
Olympics, therefore London will likely lose out to somewhere else. And I expect
it will be preceded by 6 years of public enquiries and 3 of ministerial
dithering. Do legislators and civil servants run on a different timescale to
everyone else? [ Reply to This | # ]
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| Authored by: UglyGreenTroll on Wednesday, October 27 2004 @ 11:38 AM EDT |
The idea was that hedge funds didn't need regulation because
- They were
for sophisticated investors who can take care of themselves.
- They couldn't
hurt anyone except possibly the investors. Indeed, they made markets more
efficient.
Today, however, the cab drivers are talking hedge funds. And
the idea that hedge funds can't do any damage should have been laid to rest when
Long Term Capital Management nearly dumped the entire financial system on its
patoot (can I say patoot on Groklaw?) six years ago.
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| Authored by: ujay on Wednesday, October 27 2004 @ 12:55 PM EDT |
Even if this was enacted last year, it would not have impeded BayStar/RBC whos
individual funds were under the $25M mark.
Most advisors will probably split accounts to ensure no one account goes over
$25M.
This is simply warm,fuzzy accountability, designed to make the SEC look good,
while actually accomplishing nothing.
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Windows User: HNV82-29936 BotNet Node: 1287345[ Reply to This | # ]
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| Authored by: Anonymous on Wednesday, October 27 2004 @ 02:27 PM EDT |
PJ--Hedge funds are anti-Linux? What does this have to do with SCOX? What
about the 5 million shares of SCOX that are sold short? Aren't those short
sellers likely to include a few hedge funds? [ Reply to This | # ]
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| Authored by: Anonymous on Wednesday, October 27 2004 @ 04:54 PM EDT |
That would imply that I didn't know I was being robbed. I know I'm being screwed
by my funds, I just try to keep them from screwing me less than the next fund.[ Reply to This | # ]
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