US SEC Chair: Considering Limiting the Scope of Data That Hedge Fund Industry Can Provide to Regulators

Odaily Planet Daily reports that Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), stated that in upcoming regulatory policies, he hopes SEC staff will consider narrowing the scope of data that private fund advisers must provide to regulators. The deadline for complying with new data reporting requirements will be postponed from June 12 to October 1.

However, more limited data collection may be a bigger win for hedge funds and private equity firms. Atkins is concerned whether the use of data by the Trump administration is "commensurate with the significant burden imposed." He has requested staff to conduct a "comprehensive review" of the increased data collection requirements implemented during former SEC Chairman Gary Gensler's tenure.

Private fund advisers have pointed out challenges, including technical ones, ahead of this week’s deadline. SEC staff indicated at the committee meeting on June 11 that many funds only actually started submitting new data after more than two months of the timeline.