The Securities and Exchange Commission (SEC) has passed a new rule that will require venture capital managers and hedge fund advisers to register with the agency, The Wall Street Journal reports. The rules will need advisers to provide general information about their funds’ strategy, assets and investments and also require them to identify auditors, brokers, custodians and marketers. The new regulations will be applied to all advisers of private funds with at least $100 million in assets, including venture capital managers. The regulator will also inspect venture capital managers and other exempt fund advisers if it suspects there is a problem. As per an estimate by the SEC, nearly 2,000 venture capital managers and hedge fund advisers, who do not have to register with the commission will be subject to the reporting requirements.

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