SEC to Vote on Hedge Fund Rule
The SEC will vote on its controversial hedge fund manager rule October 26. The vote is expected to be 3-2, with Commissioners Cynthia Glassman and Paul Atkins dissenting.
In an October 18 memo, the Managed Funds Association noted that of the 124 comment letters that took a position on the proposal, 73 percent opposed it and 24 percent supported it (with the MFA noting that supporting comments "rarely exceeded one page and often contained anecdotal support or baseless claims about the industry").
The chief supporter of the SEC proposal, said the MFA, is "a trade association which represents the mutual fund industry" (read: the Investment Company Institute), which MFA described as "a key competitor" of the hedge fund industry.Last week, the MFA, along with lawyers from law firm Patton Boggs and Schulte Roth and Zabel, met with SEC Commissioner Roel Campos to discuss possible alternatives to hedge fund manager registration, as well as possible alternatives to registration in the short-term.