The US Chamber of Commerce has pledged its support for the growing campaign against the Securities and Exchange Commission's hedge fund registration plans.
In July, the securities regulator voted 3-2 to propose a rule which will oblige hedge fund advisers to register with it, and to provide similar information as their mutual fund counterparts.
The proposal was then sent out for 60 days in order to allow public comment, after which a final vote will take place.
It was supported by SEC chairman, William Donaldson, and Democratic Commissioners, Harvey Goldschmid and Roel Campos. Republican Commissioners, Paul Atkins and Cynthia Glassman voted against it.
Speaking to the US media recently, senior vice president of the Chamber of Commerce in Washington, David Hirschmann explained that:
"We don't believe that the SEC should do just-in-case regulation: 'Just in case there is a problem with an industry, let's regulate it'. Hedge funds have served an extraordinarily valuable role in our capital markets."
The Chamber is reportedly joining the Managed Funds Association in requesting an extension of the deadline for commenting on the SEC proposal from September 15 to October 28.
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