Will Asian hedge fund managers with US investors have to register with the SEC
Goldstein The new SEC rules will require an offshore hedge fund manager to register with the SEC if it has 15 US clients or more. The new rules will be effective from February 2006. In the past, most hedge funds have escaped SEC registration because of the exemption for funds with less than 15 US clients. What the new rules have changed is the definition of a 'client.' Before, each private fund invested with an investment advisor was counted as one client. The new rules now require non-U.S. investment advisors to look through any non-U.S. private funds...
