FM market round-up: SEC – At last! A sensible decision…

The SEC’s decision that it would not appeal against the judgement of the US Court of Appeals to strike down the regulator’s Rule amendments, which required hedge fund registration, has received a big thumbs-up from hedge fund managers, lawyers and consultants. The Alternative Investment Management Association, in particular, minced no words when giving its opinion about the overturned regulation. AIMA executive director Florence Lombard said: “We are pleased to see that the SEC has decided to take a fresh look at its proposal for hedge fund regulation. AIMA urges the SEC to ensure specifically that it permanently remove the requirement for non-US hedge fund managers also to register in the USA if they are already fully regulated in efficient jurisdictions, such as the UK and France. The requirement for dual registration, imposed by no other regulator worldwide, was unnecessary, expensive, led to complex issues for managers having to comply with very different sets of rules and created an un-level playing field.”