WEST PALM BEACH, FL (HEDGECO.NET) – The Securities and Exchange Commission is considering shifting some advisory oversight responsibilities to states, according to statement from a senior SECofficial. Although no decisions have been made so far, the agency expects an additional increase of 7% in the number of overall case load involving investment advisers overseen by the agency.<\/p>\n
Paul Roye, SEC\u00c3\u00af\u00c2\u00bf\u00c2\u00bds director for investment management division disclosed that the federally registered advisers will rise from the current 8% level to 15%. This increase will result from the passage of the hedge fund regulation law last Tuesday, in a divided 3-2 vote.<\/p>\n
Roye told a group of layers that \u00c3\u00af\u00c2\u00bf\u00c2\u00bdat that level, we think we can handle it.” He added however, that if there is a sudden increase from that level, the SEC has the authority to pass on some of the work load to the states. States generally regulate smaller investment advisers managing assets under $25 million. Roye suggested that raising this level to $40 million may be the solution.<\/p>\n
The new SEC law will be implemented in 2006; many of the opponents think the SEC does not have enough staff to fully carry out such unnecessary obligation. This work will also help to divert the agency\u00c3\u00af\u00c2\u00bf\u00c2\u00bds attention from its traditional role of monitoring the huge US mutual fund establishment managing over $7.5 trillion in assets. Nearly 50% of the US based hedge fund managers have voluntary registered their business with the SEC.<\/p>\n
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net<\/p>\n
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