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Dodd Frank Case Summary

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1. Dodd Frank law & the implication on Hedge funds
After 2011, Dodd-Frank raised the lower bound for hedge funds advisors to register with the SEC to $100 million and also put in place a new category of advisors, called mid-sized advisors. They should have regulatory assets under management between $25 million and $100 million. On the other hand, an advisor to a mid-sized hedge fund does not have to register with the SEC if he is registered with the state where his major office is based. However, an advisor to a mid-sized hedge fund is required to register with the SEC if his home state has inadequate regulation and he does not have the private fund advisor exemption. So what is the fund adviser exemption?
A hedge …show more content…

Another new rule is the stress test. It applies not only to banks but also for any large hedge fund that is considered a systematically significant nonbank financial company (SSNF). The SEC examiners want to understand how the firm communicates investment values and handles liquidations because during the financial crisis we know that large financial institutions faced a critical sell-off or liquidity. It is important that the firm complies with contingent capital requirements and tighter risk management models. If for example the firm trades swaps, the SEC wants to see that the firm has made risk adjustments for clearing …show more content…

Infrequently or illiquid traded securities must be carefully considered. Furthermore, Hedge fund must have an understanding of the best practices in place for documentation, and valuation and procedures of any asset classes in which the firm invests for its clients.
5. SEC audits
Based on the Investment Advisers Act of 1940, the SEC is authorized to examine registered advisors ' operations and practices. It is essential obviously for the SEC to monitor the risk and risk management practices used by the firm to safeguard investor funds. Firms must demonstrate strong compliance systems, along with the firm 's internal controls and practices in order to protect investor capital.
6. Technology Upgrades.
Technology remains a major tools used by hedge fund to better understand the market especially quant funds. Therefore electronic trading, the development of new algorithms and other quantitative models require greater investments in technology. Also as partners to hedge funds, Prime brokerage firms must also invest money to provide, security, model tests and technology controls. It is also required by hedge fund and providers of services to hedge funds to spend additional time (and money) in meeting the increased reporting

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