Monday, 24 July 2006 21:00
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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