Which of the following is the regulation that allowed the SEC to restrict program trading when it deems necessary? Investment Advisers Act. Securities Exchange Act. Insider Trading and Securities Fraud Enforcement Act. Market Reform Act. Investment Company Act. Which of the following observations concerning hedge funds is NOT true? They are pooled investment vehicles. They usually take significant risk. Historically, they were subject to virtually no regulatory oversight. Historically, they were not required to register with the SEC. They have to disclose their activities to third parties.