SEC Staff Clarifies Certain Hedge Fund Manager Regulatory Requirements

By: Jessica Forbes, Terrance J. O'Malley

The SEC staff issued guidance under the Advisers Act aimed primarily at hedge fund managers who registered with the SEC in response to rules adopted in late 2004.  The guidance reaffirms rules, interpretations and transitional provisions that the SEC simultaneously adopted in 2004. The SEC made this issuance in the wake of the recent decision by the DC Circuit Court of Appeals, which not only vacated the registration requirements, but also vacated the additional rules, interpretations and transitional provisions. 

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