Lessons in law for advisers

The US Securities and Exchange Commission has introduced new rules for hedge fund advisers which will take effect next month. Here we ask Michael Tannenbaum, partner at New York-based law firm Tannenbaum Helpern about the implications of the rules and other legal intricacies surrounding the US structured hedge fund market


The US hedge fund market is known for its stringent regulations and the most recent measure to be introduced includes the implementation of a new Rule 203(b)(3)-2, which will require hedge fund advisers to register with the SEC under the Investment Advisers Act of 1940 by Febuary 1 this year. The new rule will eliminate the ability of hedge fund advisers to rely on an exemption from adviser registration designed for advisers providing advice only to a small number of clients.

Michael Tannenbaum

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