Hedge funds are about to become far more transparent.
Under provisions of the Dodd-Frank law that will take effect in July, virtually all hedge funds will be required to file with the SEC (and publicly disclose) new Form ADV Section 7.B data.
The requirement applies to:
- hedge fund-only advisers with assets under management (AUM) exceeding $150 million, who must register with the SEC;
- hedge fund/separate account advisers with AUM exceeding $100 million, who must register with the SEC; and
- smaller hedge fund advisers, who must supply Section 7.B data as "Exempt Reporting Advisers."
The required public data includes the gross and net asset values of the hedge funds managed and the identities of any sub-advisers. In addition, most funds will be required to disclose five gatekeepers: their auditor, custodian, prime broker, administrator and marketer.
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