The Securities and Exchange Commission task force on hedge funds, buyout funds and mutual funds is looking to hire five fund managers, chief operating officers or executives with “direct exposure to trading and operations,” according to a help-wanted ad it placed last month. The SEC has also retained executive search firm Korn/Ferry International.

Following the SEC’s failure to detect Bernard Madoff’s fraud, the SEC named Robert Khuzami enforcement director and has begun cracking down on structured instruments through revisions to Regulation AB and on hedge funds through a proposed large trader reporting system.

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