The largest hedge funds and private equity firms must report financial information to the government under a rule adopted Wednesday. But the Securities and Exchange Commission backed off broader reporting requirements for the funds after it drew heavy objections from the industry. The final rule applies to hedge funds with $1.5 billion or more in assets and private equity firms with $2 billion or more and requires only annual reporting by private equity firms. In January, the SEC proposed reporting for firms with $1 billion or more in assets and would have made the reports quarterly for both large hedge funds and private equity funds. Read Associated Press report here.
