Some private hedge funds won't have to register with the U.S. Securities and Exchange Commission (SEC) until next year, winning a delay in a requirement set out in the Dodd-Frank financial overhaul law, reports the Wall Street Journal.
The Dodd-Frank financial overhaul law mandated that certain hedge funds that had been exempt from registering as investment advisers with the SEC would have to file their paperwork by July 21, 2011, the anniversary of the law. The SEC is expected to adopt final rules today setting out the requirements for registration, which would include the delay.
The SEC's proposed rule drew more than 50 comments and meetings with outside parties, largely from industry players. Among the commenters asking for a delay was the Securities Industry and Financial Markets Association (SIFMA), a trade association. SIFMA reported spending $1.3 million on federal lobbying so far this year.