SEC Chairman: Consider limiting the scope of data the hedge fund industry can provide to regulators

Odaily Planet Daily News: U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins said that in the upcoming regulatory policy, he hopes that SEC staff will consider narrowing the scope of data that private fund advisors must provide to regulators. The deadline for complying with the new data reporting requirements will be postponed from June 12 to October 1. But more limited data collection may be a bigger victory for hedge funds and private equity firms. Atkins is concerned about whether the Trump administration's use of data is "consistent with the huge burden it imposes." He has asked staff to conduct a "comprehensive review" of the data collection requirements increased during the tenure of former SEC Chairman Gary Gensler. Private fund advisors pointed out that there are challenges, including technology, before this week's deadline. U.S. SEC staff said at a committee meeting on June 11 that many funds had more than two months to actually start submitting new data.