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SEC Will Not Appeal Hedge Fund Ruling

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  • Baker, John
    Securities and Exchange Commission Chairman Christopher Cox announced today that the SEC will not appeal the D.C. Circuit Court of Appeals decision in
    Message 1 of 1 , Aug 7 6:05 PM
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      Securities and Exchange Commission Chairman Christopher Cox
      announced today that the SEC will not appeal the D.C. Circuit Court of
      Appeals' decision in Goldstein v. SEC, which struck down the SEC's hedge
      fund manager registration rule. Press Release No. 2006-135 (Aug. 7,
      2006). Cox said that the SEC's Solicitor and General Counsel have
      concluded that, since the appellate court's decision was based on
      multiple grounds and was unanimous, further appeal would be futile and
      would simply delay and distract from the goal of advancing investor
      protection. Instead, Cox said, the SEC is moving aggressively on an
      agenda of rulemaking and staff guidance - some of which may be issued as
      early as this week - to address the legal consequences from the
      invalidation of the rule. These planned steps are much as Cox described
      in his July 25 congressional testimony, which I discussed at

      http://groups.yahoo.com/group/FundLaw/message/1093

      The press release is available online at

      http://www.sec.gov/news/press/2006/2006-135.htm


      John M. Baker <JMB@...>
      Stradley Ronon Stevens & Young, LLP http://www.stradley.com
      1220 19th Street NW, Suite 600
      Washington DC 20036
      202.419.8413
      202.822.0140 fax
      FundLaw Listowner http://groups.yahoo.com/group/fundlaw
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