Connecticut Seeks Hedge Fund Regulation
By Ryan Ellis • Tuesday, June 2, 2009 1:50 pm
This post originally appeared on ATR's Center for Fiscal Accountability
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According to the Wall Street Journal
Connecticut is poised to become one of the first states to impose transparency rules on the hedge-fund industry, after giving up on waiting for the federal government to do so.
The state's Senate this week passed the measure, which would require fund managers and other investment advisers that haven't voluntarily registered with the Securities and Exchange Commission to alert investors to any material conflicts of interest. Firms that are SEC-registered already are required to abide by such guidelines.
Let's leave the fact that shareholders - and not the government - should be the ones demanding disclosure from hedge-fund managers aside for a minute.
What's interesting is that Connecticut, a state that has for the past three years failed to join more than twenty other states that have passed legislation providing greater transparency in government finances is now calling for more transparency in the private sector.
I guess that's what you would file under "the pot calling the kettle black."
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