Chairman Cox Talks To Senate About Hedge Funds

Chairman Cox Talks To Senate About Hedge Funds

In testimony to the Senate Banking Committee, SEC Chairman Christopher Cox talked tough about future hedge fund regulation by the SEC. The comments come after the U.S. Court of Appeals dealt a huge blow to the SEC by invalidated its hedge fund registration rule. Notably, the Chairman stated that the SEC could regulate managers under the anti-fraud provisions of Section 206 of the Investment Adviser’s Act. The Chairman also stated his desire that the definition of “accredited investor” be changed to cover only those persons with $1.5 million net worth, as opposed to $1 million net worth.

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