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SEC Expected to Propose Registration of Hedge Fund Advisers

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  • Baker, John
    The Securities and Exchange Commission announced today that it will consider whether to propose a rule to require hedge fund advisers to register with the
    Message 1 of 1 , Jul 1, 2004
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      The Securities and Exchange Commission announced today that it will consider whether to propose a rule to require hedge fund advisers to register with the Commission at an open meeting on July 14. At present, some hedge fund advisers are registered, but advisers are allowed to count each hedge fund as a single investor, making it easier for advisers to come under the 15-investor threshold to avoid SEC registration. The SEC rule proposal has been expected since the SEC staff published its September 2003 report on hedge funds, which recommended such a rule change. News reports indicate that the Commission will split 3-2 in proposing the rule; however, Commissioners sometimes will agree to seek comment on a proposal to which they are opposed, while still planning to vote against any adoption of the rule. The SEC announcement is reproduced below, and my post on the staff report is available online at

      http://groups.yahoo.com/group/FundLaw/message/810


      OPEN MEETING - WEDNESDAY, JULY 14, 2004 - 10:00 A.M.

      The subject matter of the open meeting scheduled for Wednesday, July 14,
      will be:

      1. The Commission will consider whether to propose rule 203(b)(3)-2
      under the Investment Advisers Act of 1940 to require hedge fund
      advisers to register with the Commission. The Commission also will
      consider whether to propose certain conforming and transitional
      amendments to rules 203(b)(3)-1, 204-2, 205-3, 206(4)-2 and Form
      ADV.

      For further information, please contact Vivien Liu at (202) 942-
      0719.


      John M. Baker <JMB@...>
      Stradley, Ronon, Stevens & Young, LLP http://www.stradley.com
      1220 19th Street, N.W., Suite 600, Washington, DC 20036
      (202) 419-8413 Fax (202) 822-0140
      FundLaw Listowner http://groups.yahoo.com/group/fundlaw




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