The Securites and Exchange Commission has combined several offices and functions to create a division of risk, strategy, and financial innovation. Henry T.C. Hu, a professor of banking and finance law at the University of Texas, will head the new division, reports the Associated Press. The SEC’s Office of Economic Analysis, Office of Risk Assessment, and other functions, have all been brought together under SEC Chairman Mary Schapiro in efforts to prevent major fraud schemes going forward. Schapiro and Britain’s Hector Sants, chief executive of Britain’s Financial Services Authority, announced plans to look into common approaches for the two countries to regulate hedge funds and other financial market participants.
SEC Creates Risk, Strategy Division, Working with U.K. on Hedge Fund Rules
The SEC is forming a new risk and strategy division and joining forces with the U.K. to regulate hedge funds.