Senator Jack Reed, Democrat of Rhode Island and a member of the Senate Banking Committee, on Monday filed an amendment to the financial reform currently in the Senate that would require all hedge funds, private equity shops and venture capital firms to register with either a state regulator or the Securities and Exchange Commission, Politico reported.
The amendment would mean that funds under $100 million, previously exempt from the proposed regulation, would now also be required to register.
Politico had this:
“Hedge funds, private equity and venture capital funds have played an important role in providing liquidity to our financial system and improving the efficiency of capital markets. But as their role has grown so have the risks they pose. This amendment will shut down loopholes and provide the SEC with long-overdue authority to examine and collect data from this key industry,” Mr. Reed said in a statement to POLITICO.
To read the full, original article click on this link: Reed Seeks to Close Loophole for Small Funds - DealBook Blog - NYTimes.com