Hedge funds come under new government oversight

Hedge funds will face closer scrutiny under rules being approved Wednesday that seek to protect investors from risky trades and prevent another financial crisis.

By Marcy Gordon | Updated on June 22, 2011

WASHINGTON (AP) — Hedge funds will face closer scrutiny under rules being approved Wednesday that seek to protect investors from risky trades and prevent another financial crisis.

The rules were mandated under the financial overhaul law passed last year. They require hedge funds and private equity funds to open their books to periodic inspections by the Securities & Exchange Commission. They also force the funds to disclose information about their operations, finances and investors.

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