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Byline: KEN HOOVER
A divided Securities and Exchange Commission voted Tuesday to extend the grip of government regulation to the fast-growing hedge fund industry.
Beginning in 2006, hedge fund managers will be required to register as investment advisers and be subject to on-site inspections by SEC examiners.
The commission staff argued that their rapid growth, important role in the financial markets, evidence of fraud and the trend toward marketing themselves to middle-class investors made regulation necessary.
But the 3-2 vote revealed the deep divisions on the subject. The dissenters, Commissioners Cynthia Glassman and Paul Atkins, both …