US senator "concerned" about SEC's hedge fund push

Thu Jul 15, 2004

WASHINGTON, July 15 (Reuters) - The chairman of the Senate committee that oversees the U.S. Securities and Exchange Commission said on Thursday he is "concerned" about the agency's approach to regulating hedge funds.

The SEC voted 3-2 on Wednesday to propose hedge fund advisers register with the SEC, a proposal opposed by the $850 billion hedge fund industry but supported strongly by SEC Chairman William Donaldson.

"Although I share Chairman Donaldson's concerns regarding the potential exposure of retail investors to hedge funds, I also remain concern about the approach proposed by the SEC," said Senate Banking Committee Chairman Richard Shelby, an Alabama Republican, in prepared remarks to a committee hearing.

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