Securities and Exchange Commission Great Opener, Could Use A Good Closing Guy
As reported by FINalternatives:
Today, the Commission was scheduled to unveil its latest proposals to curb the number of investors in hedge funds by increasing the minimum investment requirement from $1 million to $2 million. The SEC was also expected to address a measure that aims to tighten the antifraud statute dealing with hedge funds, [postponing both proposals until at least December 13].
Apparent refusal to embrace the platitude of “finish what you start” aside, we’re actually pretty pleased that the SEC choose to delay such measures, instead of hastily throwing some things together in what sounds uncomfortably like the design of P.R.firm:
Pillsbury Winthrop Shaw Pittman LLP attorney Jay Gould said the Commission wanted to bring up its hedge fund items today to coincide with the Securities Law Developments Conference sponsored by Investment Conference Institute, which is keynoted by Andrew J. Donohue, director of the Division of Investment Management at the SEC.
“My sense is they just weren’t comfortable and they probably thought it was better to get a good rule they could defend as opposed to coinciding with the ICI conference,” said Gould.
Since the instances in which we can pat the SEC on the back have become fewer and further between, we're going to take this moment in a "we'll take what we can get, even though, um, WOW, does anyone else find it weird that we're congratulating a government agency for forgoing an opportunity to strut its stuff at a conference in favor of coming up with a sound governing plan a little odd?”-kind of way and just say: well-played, SEC. Well-played, indeed.
SEC Postpones Meeting On Hedge Fund Rule [FINalternatives]
