( www.thestreet.com ) – Paul Atkins, the SEC commissioner who tried and failed to block a rule requiring hedge fund registration, continues to rail against the notion that 500 agency examiners can effectively regulate 8,000 private partnerships.
“You can’t put a lifeguard on every beach,” he told an audience of hedge fund industry managers Thursday at a seminar arranged the Managed Funds Association, the industry lobbying group. The sentiment was well-received among executives who are increasingly preoccupied with the looming Feb. 1 deadline and convinced that incoming chairman Christopher Cox will do nothing to block it.
The registration will force funds to retain every email, hire a chief compliance officer and devise detailed compliance manuals that must be updated and would be subject to sudden inspections.
