Arthur Levitt Jr., former chairman of the SEC (Securities and Exchange Commission), the regulatory body of the financial services industry in the United States, is calling for tighter rules concerning the regulation of the increasingly popular hedge fund market in a recent Wall Street Journal interview.
He has suggested measures such as registration and more frequent audits in addition to making funds disclose their holdings thus making the market place more transparent for the would-be investor.
"My experience in the market tells me that when you develop an investment flavor of the day, it's time to be careful," Mr. Levitt said recently. " More and more [individual] investors are accessing hedge funds and I think that represents a danger."
Whilst the SEC has the power to prosecute hedge funds in cases of fraud, certain exemptions allow funds to avoid registration with the regulator.
The SEC is preparing for two days of hearings next week on the subject of hedge funds and has been considering the issue of tighter regulation of the sector for several months.
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