Los Angeles Times- One of the five members of the Securities and Exchange Commission is skeptical about an agency proposal that would require individuals to have at least $2.5 million in investments, excluding the value of their primary residence, before putting money into hedge funds.<\/p>\n
“I have not made up my mind, but commenters have raised serious issues for the commission to consider,” Paul Atkins, a Republican, told Reuters in an interview this week.<\/p>\n
The chairman of the SEC, Christopher Cox, has said that the proposal is being reviewed, and that he expected the agency to soon finalize the rule.<\/p>\n
The plan has enraged some investors. They deluged the SEC with letters this year contending that setting such a high bar would deprive them of investment opportunities in hedge funds, which are private investment pools that face little or no government regulation.<\/p>\n
Currently, the SEC requires investors to have at least $1 million, including real estate, before investing in hedge funds, a level established in 1982.<\/p>\n