Janaya Moscony, President & CEO of SEC3, is quoted in the Fortune / CNNMoney article entitled “Hedge fund regulation? What hedge fund regulation?” (article link). The article covers the confusion surrounding hedge fund / private equity firms are experiencing with the latest SEC filing requirements.
While the SEC has published letters regarding final rules and their timeframes, Ms. Moscony feels that a letter to a state regulator is is long way from a binding directive for funds to follow. “It’s not normal to write a letter to NASAA and think that the industry is going to rely on that from a legal perspective,” she says.
Moscony’s hedge fund clients are left scratching their heads. “Some don’t want to rely on a letter from the SEC to a state regulator that’s not official,” she says. “Then I talked to the SEC, and they says there’s nothing we can do to make it more official.” Some hedge funds she advises want to follow the letter of the law and are scrambling to complete registration by July 21.
The complete article can be read here.