Hedge Funds

Hedge Funds are in the business of making money. For most, compliance is a distraction from this core business.

Despite the overturning of SEC Rule 203(b)(3)-2 by the US court of Appeals, the Securities and Exchange Commission and other regulatory agencies throughout the world are intent on finding a way to regulate the Hedge Fund industry.

Hedge funds need to review their relationships with broker/dealers in light of a trading rule that took effect on January 24, 2007. The Securities and Exchange Commission rule requires hedge fund advisers to bring their trading and other practices into compliance with its guidance by that date. The memo states that while hedge funds advisers are not required to register with the SEC, the guidance addresses how brokers use hedge fund commissions. It notes that the guidance stemmed from soft dollar violations by broker dealers.

"Hedge funds are going to have to work with [B/Ds] to make sure that they are in compliance under the new rules" "A new era of fund and investment adviser transparency is dawning."

For the hundreds of Hedge Funds still registered with the Commission, compliance with SEC 17(a)-4 is still a fact of life.

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