Soros And Sons said they’d rather hand back the $1 billion than be required to register with the SEC.
Soros’s sons said they took the decision because new financial regulations would have made it necessary for the firm to register with the Securities and Exchange Commission by March 2012 if it continued to manage money for outsiders. Because the firm has overseen mostly family assets since 2000, when outside money accounted for about $4 billion, they decided it made more sense to run it as a family office, according to the letter.
The rule calls for hedge funds with more than $150 million in assets to report information about their investors and employees, the assets they manage, potential conflicts of interest and their activities outside of fund advising. Registered funds will also be subject to periodic inspections by the SEC….
Read more at http://dealbreaker.com/2011/07/george-soros-returning-all-outside-investor-money-keeping-it-in-the-fam/
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