Get F-104 - Securities And Exchange Commission - Sec Gov

The Securities and Exchange Commission oversees securities exchanges, securities brokers and dealers, investment advisors, and mutual funds in an effort to promote fair dealing, the disclosure of important market information, and to prevent fraud.

However, unlike mutual funds, hedge funds are not registered with the SEC. This means that hedge funds are subject to very few regulatory controls. In addition, many hedge fund managers are not required to register with the SEC and therefore are not subject to regular SEC oversight.

The only universal license requirement for a hedge fund manager is an ordinary business license. Because hedge fund managers are not regulated as brokers, they do not usually need the Series 7 license unless they engage in trading on behalf of customers.

Unlike mutual funds, hedge funds are not subject to some of the regulations that are designed to protect investors. Depending on the amount of assets in the hedge funds advised by a manager, some hedge fund managers may not be required to register or to file reports with the SEC.

Hedge funds are typically required to register with the SEC if they maintain investor assets of more than $100 million. New legislation pertaining to the regulation and registration of hedge funds was enacted through the 2010 Dodd-Frank Act and implemented in the Investment Advisers Act of 1940.

In general, all securities offered in the United States must be registered with the SEC or must qualify for an exemption from the registration requirements.

All filings that issuers submit in XBRL formats require block and detail tagging of financial statements and footnotes. Each line item and number must have its own tag with corresponding context periods and unit precision, including parenthetical data.

Private funds are not required to be registered or regulated as investment companies under the federal securities laws.