More than 1,500 hedge fund and private equity funds have registered with the U.S. Securities and Exchange Commission since the 2010 Dodd-Frank Wall Street reform law was enacted, the SEC said Friday.
The law for the first time required hedge fund and private equity funds to register with the SEC, giving the agency a better view of the size of the fund industry and the identity of those involved.
Including the 2,557 private advisers who previously registered voluntarily, the SEC said it now has a total of 4,061 private fund advisers on file.
"Prior to the Dodd-Frank Act, regulators only saw a slice of the pie but didn't know how big the pie even was," said SEC Chairman Mary Schapiro in a statement.
"The law enables regulators to better protect investors by providing a more comprehensive view of who's out there and what they're doing."
SEC examiners last week launched a new initiative to conduct risk-based exams of fund advisers over the next two years to ensure compliance
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