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Alternative Market Briefing

9% of registered investment advisers can expect the attention of the SEC during 2010
Monday, November 02, 2009

From Kirsten Bischoff, Opalesque New York:

On Friday October 30th, the SEC announced yet another insider trading ring, this one with ties to hedge fund ValueAct Capital. The investigation has been going on since early 2008, but the announcement of a civil lawsuit brought by the SEC so closely on the heels of the arrest of the insider trading ring from Galleon makes it feel as though the SEC has officially turned its focus onto the hedge fund industry.

As of April 2009, the SEC has initiated investigations into 150 hedge funds – a larger number than it has ever before. This week, the House Financial Services Committee passed a bill that is expected to see its final vote on the House floor next month and that would see hedge funds with more than $150m be required to register with the SEC.

According to the latest compliance newsletter “Recent Areas of Focus in SEC Examinations of Hedge Fund Advisers” from international law firm Schulte Roth & Zabel LLP, it is anticipated the SEC’s Office of Compliance Inspections and Examinations (OCIE) will examine only 9% of registered investment advisers in 2009 and 2010. While this is a smaller number than those examined in 2008 (14%), ther......................

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