Page "Hedge fund" Paragraph 83

Because hedge funds do not have publicly traded securities, they are not subject to all of the reporting requirements of the Securities Exchange Act of 1934.

Hedge funds that have a class of equity securities owned by more than 499 investors do, however, have to register under Section 12 ( g ) of the 1934 Act and are subject the quarterly reporting requirements of the Act.

Similar to other institutional investors, hedge fund managers with at least US $ 100 million in assets under management are required to file publicly quarterly reports disclosing ownership of registered equity securities.

Also similar to other investors, hedge fund managers are subject to public disclosure if they own more than 5 % of the class of any registered equity security.

Hedge fund managers are also subject to anti-fraud provisions.