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From Kirsten Bischoff, Opalesque New York: “…And then there was Madoff,” Paul Roth, Founding Partner of law firm Schulte Roth & Zabel said dryly at the end of his summary of the year in hedge fund news at the firm’s 18th Annual Private Investment Funds Seminar.
The Madoff fraud is expected to “place increased investment scrutiny on compliance, third party auditing, and risk management processes,” CP Eaton Partners said today. It is also expected to be working as an accelerant on an already fired up public outcry for regulatory change. Ironically, Bernard L Madoff Investments Securities was a registered investment advisor, which has proven to be one of a number of related embarrassments for the SEC.
Mary Schapiro, President-elect Barak Obama’s pick to replace Christopher Cox at the head of the Securities and Exchange Commission indicated this in no uncertain terms today during her confirmation hearing. "I will move aggressively to re-invigorate enforcement at the SEC," Schapiro said.
SEC to revisit mandatory hedge fund registration, reminds firms of legal obligation to maintain compliance even in the face of tightening budgets
In specific testimony regarding hedge funds, Schapiro discussed the desire to reconsider requiring hedge fund managers to register with the SEC, requiring funds to open their books for periodic inspections. "This will give us a better handle on who is out there and what the...................... To view our full article Click here
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