SEC under fire for hedge fund decision

NEWS ANALYSIS | NEWS | INDUSTRY REACTS TO SEC HEDGE FUNDS 'REGULATION' RULE

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LONDON -- The US Chamber of Commerce (USCOC) is considering a legal challenge on the SEC's decision to require hedge funds with more than $25m or 15 US onshore investors to register under the Investment Advisors Act of 1940.

The new rule, passed by a majority of three to two on October 26 and set to take effect on February 1 2006, requires advisers to provide information such as name, address and capital under management, and evidence of adequate compliance systems and procedures. The SEC will

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