Hang tough, Mr. Donaldson

Mon Mar 1, 2004



Every day seems to bring more howling from Washington over the Securities and Exchange Commission's proposal to require hedge funds to register. Most recently, it was Alan Greenspan, the all-powerful chairman of the Federal Reserve, who came out publicly against hedge fund registration. He joins SEC Commissioners Cynthia A. Glassman and Paul S. Atkins, and the powerful Managed Funds Association. They have all lined up to oppose SEC Chairman William Donaldson, who believes that hedge funds with over $25 million in assets should be required to register.

But Donaldson should ignore all the huffing and puffing and stand firm. Registration is an idea whose time has come. Remember, Mr. Chairman: the MFA doesn't reflect the views of the entire industry. Many managers, investors and service providers accept registration as a necessary step forward. For a refreshingly frank point of view, listen to Lew Semones, president of Morgan Semones & Associates,...

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