SEC Approves Registration Requirement for Private-Fund Advisers
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The U.S. Securities and Exchange Commission will require private-fund advisers to register with the agency, opening hedge funds and private-equity funds to unprecedented scrutiny.
SEC commissioners voted 3-2 today to approve a Dodd-Frank Act measure calling for about 750 advisers to disclose “census-like data” about their investors and employees, the assets they manage, potential conflicts of interest and their activities outside of fund advising. The advisers must register by March 30, and all of the information they disclose will be public.