The SEC Plans to Expand its NY Office

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According to several news sources, the Securities and Exchange Commission plans to expand its New York office by about 8 percent this year as the financial regulator focuses more heavily on regulating hedge funds and brokerages.

The SEC stated that it plans to hire 18 people on the enforcement side, where it currently employs about 150 people in New York, and add 15 people to its examinations staff, which currently numbers about 210 in New York.

The SEC plans to hire more lawyers, accountants and even former traders comes at a time that the agency is seeking to become more aggressive in going after the bad guys on Wall Street.

Two months ago, the SEC created specialist units including one for asset management and it will focus on investigations involving investment advisers, investment companies, hedge funds and private equity funds.

For the SEC, the financial crisis that led to heavy layoffs on Wall Street may be a boon because it will let the agency hire savvy investment professionals, including former hedge fund traders currently without a job.

The SEC attorneys said such expertise will be put to good use right away because hedge funds are using increasingly complicated trading strategies involving derivatives, such as credit default swaps, to make money.   The regulators said one thing they also are on guard for is funds that have had an uncanny record of success and consistency over the years.

Anna Timone (195 Posts)


Comments

  1. Peter K says:

    Oh! Can I revise my non farms forecast to less negative?

  2. Jamie Coleman says:

    hahaha

  3. Who can believe one word those guys and dolls are saying? I might as well believe in Santa.

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